At COP27, in order to address Ethereum’s pre-Proof-of-Stake carbon emissions, ConsenSys and Allinfra, blockchain development companies that contributed to the Merge, are launching the Ethereum Climate Platform (ECP) together with 18 other companies.
COP27 will take place Nov. 6-18 in Sharm el-Sheikh, Egypt.
COP27 pledges to combat Ethereum issues before Proof of Stake
The Ethereum Merge has caused the network itself to move to a greener consensus, the Proof of Stake (PoS). The new goal of the Ethereum committee created for COP27 is to correct the pre-merger Proof of Work (PoW) carbon emissions of the Ethereum network.
At the Sharm el-Sheikh-based event, Web3 companies, civil society leaders, and the United Nations on climate change announced the “Ethereum Climate Platform,” the Ethereum-created carbon counter platform from 2015 to the merger.
Led by software company ConsenSys and climate-focused blockchain company Allinfra, the coalition’s founding members include a range of organizations, such as Microsoft, Polygon, Aave, Enterprise Ethereum Alliance, Global Blockchain Business Council, Huobi and Laser Digital.
Fortunately, in terms of a climate concept, the merger has made Ethereum a more sustainable platform, and efforts regarding mitigation of previous issues regarding Proof of Work are important.
Joseph Lubin, co-founder of ConsenSys, said in a press release:
“The merger has set a new and extremely high standard for climate mitigation across the corporate and financial sectors. It has shown that through the sheer force of collective will, we can successfully drive technological decisions that massively reduce carbon output “
What is the strategy of the climate conference in Egypt
The platform’s climate mitigation strategy is expected to be guided by a formal consultation process with key players in the global environmental space.
Overseeing the project are non-governmental organizations (NGOs) and intergovernmental organizations (IGOs), as well as representatives from regional and international climate organizations such as the Climate Collective and other expert entities such as the sustainability consultancy ERM, who are some of the stakeholders involved.
The announcement is hosted at the UN Climate Change Global Innovation Hub at COP27. The Global Innovation Hub, launched in November 2021, aims to promote transformative innovations for a low-emission, climate-resilient future.
The hub facilitates climate solutions in line with the UN SDGs. Hosted by the United Nations Framework Convention on Climate Change, the Innovation Hub leverages the convening power and climate leadership of the United Nations with the dynamism of the private sector. The Hub will provide a global interdisciplinary community of practice with the opportunity to share ideas and design climate solutions in a spirit of radical collaboration.
AllinFra CEO said:
“Historically, the process of allocating capital to the right projects and assessing their real impact has lacked transparency, efficiency, and timeliness. We are delighted to have the opportunity to design and launch an improved Web3-enabled climate finance platform and acknowledge the outstanding advice and counsel of the UN Climate Change Global Innovation Hub over the past several months in the draft design of this new approach. We look forward to the opportunity for the platform to further engage with strategic leaders across climate and Web3 in collaborative efforts in the coming years.”
Talk about one of the most important sustainability projects in the cryptocurrency and blockchain world, a step toward a more sustainable future.