Categories: Finance

WEF Creates a Task Force to Assess the Role of Blockchain and Web3 in Climate Change

The World Economic Forum (WEF) has created the Cryptocurrency Sustainability Coalition to assess the role of digital assets and blockchain in combating climate change.

The Crypto Sustainability Coalition includes 30 companies, educational groups and other institutions, including crypto projects Solana, Avalanche, Circle, NEAR Foundation, Ripple and Stellar Development Foundation. They will explore the impact of the Web3 sector on energy consumption, how harmful cryptocurrencies and mining are to the environment, and how the latest technologies can be used to improve the climate and switch to renewable energy sources.

The organization will also conduct research related to the purchase of carbon credits – blockchain-based certificates issued by the government for the use of one tonne of carbon dioxide. The coalition members will explore how blockchain will make this process more transparent and trustworthy, as well as how effectively it will reduce carbon emissions into the atmosphere.

“The uniqueness of the Web3 sector is that it uses technology to support the community and reward its actions. This means that we can directly coordinate the work of many people without the involvement of a centralized regulatory authority,” said Brynly Llyr, head of blockchain and digital assets development at WEF.

A few months ago, members of the WEF expressed concern about the impact of the metaverses on the younger generation. Children and teenagers are more interested in games and virtual reality, so it is they who will interact with the metaverses, where they may encounter cruelty and violence.

Source: Bits

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