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(Kitco News) – The World Economic Forum (WEF) has announced the launch of a new Crypto Sustainability Coalition, which will explore how Web3 and blockchain tools can be used to achieve positive climate action.

The non-governmental organization based in Switzerland revealed the new coalition on Wednesday, highlighting that it will include 30 partners at the intersection of sustainability and web3, crypto and blockchain technologies, during a panel discussion titled “The Climate Impact of Web3.”

Coalition members will explore the potential positive impacts of technologies such as blockchain, cryptocurrency, and non-fungible tokens (NFTs) on environmental and social agendas.

“The launch of the coalition is timely as there is an urgent need to support cryptocurrency decarbonization and ensure the industry is part of the climate solution,” Madeleine Hillyer, US Media Specialist for WEF , said in a press release. “Furthermore, there must be regulatory clarity that drives web3 innovation, protects consumers and improves financial inclusion.”

To help continue these efforts, the coalition will support research and development, share best practices and influence regulation on climate-related issues.

The crypto industry as a whole is relatively energy intensive. Bitcoin alone has an annualized carbon footprint equal to that of the country Greece, and its energy consumption is equivalent to that of the United Arab Emirates, according the Digiconomist Bitcoin Energy Consumption Index.

The coalition will be divided into working groups that will focus on three main areas of interest: energy use, the potential of Web3 for climate action, and “on-chain” carbon credits.

The energy use group will analyze the energy and materials consumption of the crypto industry to better understand its impact on the climate and nature. The Web3 Working Group “will explore ways in which web3 innovations could meet the challenges of the low-carbon transition at the pace required to achieve the goals of the Paris Agreement.” The On-Chain Carbon Credits Working Group will explore the ability of blockchain-based carbon credits to address current flaws in global carbon markets.

The list of partners joining this new venture includes Accenture, Avalanche, Avatree, CC Token, Circle, Climate Collective, Crypto Council for Innovation, Emerge, Energy Web Foundation, eToro, EY, Flowcarbon, Heifer International, KlimaDAO, Lukka, NEAR Foundation, Nori, PlanetWatch, Plastiks, Rainforest Partnership, Recykal, ReSeed, Ripple, Solana, Stellar Development Foundation, STEWARD, Sustainable Bitcoin Standard, The Global Brain, Toucan Protocol, University of Lisbon and Zero Labs.

The broader goal of the coalition is to “foster a broad education campaign on the potential and capability of web3, to better inform governments on how they regulate these technologies and to encourage investment and research in their development,” the WEF said.

This new coalition was made possible by the Crypto Impact and Sustainability Accelerator (CISA)a grant-funded initiative launched by the Forum in January 2022 with a mission to encourage a better understanding of the environmental, social and governance (ESG) impacts of crypto technologies.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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