The exploitation of the various technologies inherent to the Web3 could allow to act effectively against global warming. This observation led to the creation of the Crypto Sustainability Coalition by the famous Davos forum, the WEF (World Economic Forum), to study these clean energies.
The role of Web3 in the fight against global warming
In addition to conventional climate actions, other work can provide fundamental support to this common goal. Indeed, the decentralized technologies of Web 3, which are based on blockchain, support the decarbonization of our environment. The World Economic Forum has therefore created the Crypto Sustainability Coalition to explore the possibilities of these decentralized applications and platforms. As a result, some 30 companies and institutions are organizing to support the climate effort. By coordinating the work of many people, Web 3 enables collective action while ensuring that the money invested actually funds climate projects. The Crypto Sustainability Coalition therefore hopes to leverage this future technology to provide concrete solutions, such as decarbonizing cryptocurrency. However, this industry still faces transparency challenges. By encouraging research, however, it is gaining the trust of more and more companies.
Encouraging research into the potential of web 3
The Crypto Sustainability Coalition’s working groups focus on key topics:
- the energy consumption of cryptocurrencies and blockchain (information storage and transmission technology) ;
- the decarbonization of everyday activities by leveraging these different technologies;
- the standardization and integration of carbon credits within the blockchain that could bring true transparency. Carbon offset markets do suffer from a divided employment and a real lack of value transfer between them. The problem of imbalances between supply and demand could thus be compensated for through blockchain.
Decentralized applications facilitate clean energy trading. They ensure the appropriate use of funding while optimizing the flow of investments for the environment. Harnessing the potential of the Web3 therefore appears to be a major support to the fight against global warming.
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