{"id":25069,"date":"2022-09-27T11:49:35","date_gmt":"2022-09-27T06:19:35","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=25069"},"modified":"2022-09-27T11:48:29","modified_gmt":"2022-09-27T06:18:29","slug":"wef-coalition-launched-to-encourage-web-3-0-climate-action","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/wef-coalition-launched-to-encourage-web-3-0-climate-action\/","title":{"rendered":"WEF coalition launched to encourage Web 3.0 climate action"},"content":{"rendered":"<p>The World Economic Forum (WEF) is in the news with the <a href=\"https:\/\/www.weforum.org\/press\/2022\/09\/new-crypto-sustainability-coalition-to-investigate-potential-of-web3-technologies-in-fighting-climate-change\/\" target=\"_blank\" rel=\"noopener\">launch<\/a> of a new coalition on Web 3.0. The Crypto Sustainability Coalition was launched, on 21 September, by WEF in an attempt to understand how Web 3.0 and blockchain tools can be leveraged to achieve positive climate action.<\/p>\n<p>The coalition brings together 30 organizations from the public and private sectors.<\/p>\n<h2>Why is the coalition important?<\/h2>\n<p>The launch reflects the rising demand for a more eco-friendly crypto ecosystem in recent years. Earlier this month, the Merge marked Ethereum\u2019s transition from the energy intensive Proof-of-Work (PoW) transaction verification mechanism to the energy efficient Proof-of-Stake (PoS) system.<\/p>\n<p>More recently, the Ethereum co-founder, Vitalik Buterin <a href=\"https:\/\/coinswitch.co\/switch\/news\/vitalik-expects-dogecoin-zcash-to-go-pos\/\">noted<\/a> that he expects PoW blockchains Dogecoin and Zcash to also shift to PoS soon. The WEF coalition takes the sustainability conversation to the next level.<\/p>\n<p>\u201cAn important and unique aspect of Web 3.0 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\u2014a powerful accelerator for grass roots action,\u201d Brynly Llyr, head of Blockchain and Digital Assets at WEF, said, explaining the move.<\/p>\n<h2>Details about the coalition<\/h2>\n<p>The public-private initiative by WEF is going to investigate three relevant climate issues related to the crypto industry:<\/p>\n<ul>\n<li><strong>Energy use<\/strong>: Taking the push for sustainability further, the Crypto Sustainability Coalition aims to analyze the digital asset industry\u2019s consumption of energy and materials.<\/li>\n<li><strong>Web 3.0\u2019s potential for climate action<\/strong>: Web 3.0\u2019s transition to sustainable practices needs to keep pace with the Paris Agreement\u2019s targets, and the coalition will help explore the options available.<\/li>\n<li><strong>\u201cOn-chain\u201d carbon credits<\/strong>: The working group is expecting to use blockchain technology\u2019s transparency to create carbon-credit systems. This will help address the lack of transparency around carbon offsets, failure of markets to remove carbon emissions at the scale and pace required, and so on.<\/li>\n<\/ul>\n<p>The coalition has been launched as part of the WEF\u2019s Crypto Impact and Sustainability Accelerator (CISA). CISA, a grant-funded initiative launched in January 2022, is meant to encourage crypto stakeholders to develop a better understanding of the environmental, social and governance (ESG) impact of blockchain technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Economic Forum (WEF) is in the news with the launch of a new coalition on Web 3.0. The Crypto Sustainability Coalition was launched, on 21 September, by WEF in an attempt to understand how Web 3.0 and blockchain tools can be leveraged to achieve positive climate action. The coalition brings together 30 organizations [&hellip;]<\/p>\n","protected":false},"author":97,"featured_media":25070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[7990,6467,6536,7987,7984],"class_list":["post-25069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-climate-change","tag-crypto","tag-news","tag-web3-initiative","tag-wef"],"acf":{"json_ld_schema":"","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/97"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=25069"}],"version-history":[{"count":2,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25069\/revisions"}],"predecessor-version":[{"id":25076,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25069\/revisions\/25076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/25070"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=25069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=25069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=25069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}