WEF Launches Crypto Sustainability Coalition To Assess The Role Of Web3 Technologies

The World Economic Forum (WEF) has formed the Crypto Sustainability Coalition, a project aimed at analyzing the role of Web3 technologies in combating climate change.

The association, which is made up of 30 corporations, educational organizations, and other institutions, will investigate the impact of these technologies’ energy use and how they may be utilized to enhance existing decarbonization efforts.

Web3, a phrase that refers to Bitcoin and blockchain-based technologies, is presently in the limelight as energy groups investigate if its use is harmful to the environment. The WEF has chosen to consider these technologies, establishing an effort to see if they might help in the present battle against climate change.

The initiative, which was announced on September 21, is called the Crypto Sustainability Coalition. Among 30 organizations are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.

Brynly Llyr, head of blockchain and digital assets of the WEF said:

“An important and unique aspect of Web3 is that it uses technology to support and reward direct community engagement and action. This means we can coordinate the work of many individuals directly with one another, enabling collective action without centralized control.”

This new project has already formed various workgroups to examine three main topics linked to cryptocurrency, blockchain, and their applications. One of these arguments is about the energy consumption of these technologies and how they will affect the climate and nature in the future.

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