Home
News
- The World Economic Forum has created the Crypto Sustainability Coalition.
- They will focus on fighting climate change across the world.
- Recently, Ripple Labs partnered with Thallo, a carbon market.
Stellar Joins The Fight Against Climate Change
With the world striving to stand against horrible climatic consequences, regulators around the globe are rapidly taking actions to deal with the issues to save humanity. Blockchain developments equally contribute to the problem. But recently, the World Economic Forum (WEF) announced the launch of Crypto Sustainability Coalition on Twitter to fight the international issue.
The alliance of 30 companies including Stellar Foundation, Ripple, Circle, Avalanche, Solana, and NEAR Foundation will focus on web3’s potential influence on the climate. It will assess how the next iteration of the internet will deliver negative effects on the environment. The working groups will look over three key areas including energy considering the heavy power consumption by crypto projects.
Another prime outlook of the coalition remains how Web3 can contribute positively towards climate change. This might include decentralized activities and crypto mining. WEF will look forward to standardize the carbon credits on blockchain too. Recently, Ripple Labs announced that they have partnered with a carbon market platform Thallo.
Experts believe that the carbon market will rise to become a 150 Billion USD sector by 2030. The space grew by over 400% to become a 2 Billion USD industry in 2021. The collaboration will focus on buyers and sellers in search for high-quality carbon credits developing a carbon credit market on the blockchain.
According to the IPCC report 2022, global temperature is on the verge of surpassing 1.5 degree celsius by 2040. Only the most significant cuts in carbon emissions can save the environment. A World Research Institute study indicates that the temperature has risen by 1.1 degree celsius so far.
Interestingly, humans remain the prime drivers for global warming considering the amount of fossil fuels they burn on a daily basis. The heatwave in Siberia during 2022, extreme temperatures in the Asian countries during 2016 to name a few incidents, are the most significant examples of how the world is countering misdeeds of people.
According to a Nature Journal research, we are nearing the irreversible tipping points. It says that forests are dying and they will not regrow after reaching a certain threshold. Similarly, the melting of glaciers due to global warming may cause the oceans to rise by 1 meter by 2100 and 15 meters in the upcoming 500 years.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
