On April 22nd, the Earth Day celebration offered the perfect opportunity for the planet to reflect on environmental progress and amass support for individual commitment to sustainability, cultural climate awareness, and political policy-making.
Web3 has ushered in a new era of redefining public transparency. Therefore, technology has proved to hold huge potential that can be utilized to help achieve the UN Sustainable Development Goals and Paris Climate Agreement.
Green Crypto Projects and Experts’ Opinion on Web3, Climate Change
When speaking to Cointelegraph, Sander DiAngelis, the head of growth and partnership at Toucan Protocol, called for a combination of digital and physical initiatives, pointing out that the “tokenized carbon credits” are already helping the development of “virtual carbon sinks with positive impacts.
- Coinbase Supports Building of Carbon Market Infrastructure
Coinbase’s philanthropic climate program allocated 1% of its revenue to promote crypto democracy, and recently granted USD 500,000 ecosystem grant to Toucan Protocol. The funds will go into building carbon markets infrastructure.
- Dovu and PaChama Supporting Carbon Footprint Calculation
Projects such as Dovu and Pachama are using artificial intelligence technologies to help quantify and report carbon footprint. This is aimed at enhancing transparency and accountability with the Web3 and corporate industries.
Pachama has partnered with REDD+ and created several restorative ecosystem projects, such as the Colombian coastal deforestation prevention scheme known as Bajo Calima y Bahia Malaga. By the close of 10 years of the project, the project had removed over 1.2 million metric tons of carbon.
- ClimateDAO Pooling Members to Purchase Shares in Polluting Firms
Mitch Liu, the Chief Executive Officer of Theta Network, a blockchain video streaming platform, posits that the cultural significance put on the climate change crisis could help introduce new decentralized solutions. One example is the ClimateDAO project, which is encouraging members to purchase shares in polluting companies to help them raise funds for sustainable operations.
Liu differs from the mainstream assumption that all NFTs and blockchains are bad because they only factor in the proof of work (POW) protocol but do not look at the bigger picture. He posits that the blanket assessment completely ignores the proof of stake (POS) blockchains, such as Theta, that only require 0.05% of the energy used by other chains, like Bitcoin.
- The Push for Clean Web3
Christian Hasker, the chief marketing officer from Hedera Hashgraph, indicated the importance of a clean Web3 in the blockchain space. He pointed out that we now have the knowledge and solutions to help make the next internet generation sustainable. It must be responsible too.
Hasker believes that carbon neutrality at layer 1 is the best way for a sustainable future on the blockchain. The perfect way to preserve energy is not using it. This sentiment is shared by many companies introducing carbon goals.