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WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change

The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative dedicated to leveraging Web3 technologies in the fight against climate change.

By Anna B Kiwanuka

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The World Economic Forum (WEF) recently made the decision to utilize Web3 technologies and establish an initiative to look into how they may be helpful in the present fight against climate change.

The initiative, which was announced on 21st September is called the Crypto Sustainability Coalition, and it is composed of 30 different companies, educative organizations, and other institutions interested in this issue. Among these are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.

In its news release, WEF stated, “The Crypto Sustainability Coalition is a public-private initiative hosted by the World Economic Forum and comprises 30 partners. It is convening working groups to tackle three specific issues, that is to say, energy usage, Web3’s potential for climate action, and on-chain carbon credits.”

The WEF also further stated that the coalition launch is timely as there is an urgent need to support the decarbonization of cryptocurrency and ensure the industry is part of the climate solution. Furthermore, there needs to be regulatory clarity that promotes Web3 innovation, protects consumers, and improves financial inclusion.

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Brynly Llyr, Head of Blockchain and Digital Assets, World Economic Forum commented, “I am excited about the work we are expecting from the Crypto Sustainability Coalition. 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 – a powerful accelerator for grassroots action.” 

The Crypto Sustainability Coalition will investigate, collate and highlight industry standards, best practices, and examples of tangible action that attest to how Web3 technologies can support communities most vulnerable to the impacts of climate change. 

The coalition’s overarching goal is to support a widespread education campaign about Web3’s potential and capabilities, improve Government understanding of how to manage these technologies, and encourage investment and research into their advancement.
The WEF concluded that the new coalition is part of the Crypto Impact and Sustainability Accelerator (CISA), a grant-funded initiative launched by the Forum in January 2022 with a mission to encourage a greater understanding of the environmental, social, and governance (ESG) impacts of crypto technologies.


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