During the COP 27 climate action event, Web3 firms, civil society leaders and the United Nations Framework Convention on Climate Change announced the formation of the Ethereum Climate Platform, which seeks to counter the carbon footprint left by the Ethereum network .
Led by software company ConsenSys and climate-focused blockchain firm Allinfra, the founding members of the coalition include a number of organizations, such as Microsoft, Polygon, Aave, the Enterprise Ethereum Alliance, the Global Blockchain Business Council, Huobi and Laser Digital.
Using Web3 technologies, funding mechanisms and governance protocols, the newly formed group will invest in climate projects that promise to mitigate Ethereum’s past emissions.
According to Ethereum co-founder and ConsenSys CEO Joseph Lubin, while the Merge set a high bar for climate mitigation, the climate crisis still requires more radical change. Furthermore, Yorke Rhodes III, co-founder of blockchain at Microsoft, also expressed the company’s excitement to contribute.
Back on Sept. 15, the Ethereum network completed its long-awaited shift to a PoS consensus. According to the Ethereum Foundation, the Merge will make the network 99.95% more energy efficient. The update also aims to set the stage for more upcoming scaling solutions, like sharding.
