The WEF launched the ‘Crypto Sustainability Coalition’ to leverage Web3 technologies in fighting climate change

The World Economic Forum (WEF) announced the launch of its new 'Crypto Sustainability Coalition' to investigate and highlight the potential of Web3 technologies for positive action on climate change on September 21.

The Crypto Sustainability Coalition is comprised of 30 organizations that aim to work together to influence government regulations on Web3 technology and promote investment and research into the sector.

It also made developing a broader education campaign part of their cause.

The coalition is formed and funded as part of the Crypto Impact and Sustainability Accelerator (CISA).

Three main issues the coalition aims to address

The WEF states that the coalition will see the 30 organizations work with WEF to tackle three main issues.

First, the group will assess the cryptocurrency industry's energy and material consumption levels for insight into cryptocurrency's impact on climate change.

It will also investigate Web3 innovation's role in helping decarbonize current activities, mainly in the crypto mining sector, and how investors looking to develop renewable energy microgrids can work together.

The third and final issue it will tackle is the current flaws in global carbon markets, including the lack of transparency surrounding carbon offsets, the markets' failure to cut back on carbon emissions at an ideal pace, and the inability of smallholder farmers, forest stewards, and indigenous communities to benefit from carbon credit markets.

Photo: World Economic Forum