Environmental destruction has always been one of the core issues blocking blockchain technology to go mainstream. Recognizing this, ideas have been operated on networks around the industry to find a better execution for this technology.
Months ago, the development team eliminated 99.99% of Ethereum's carbon footprint after The Merge. The network shifted from proof-of-work (PoW) to the more eco-friendly proof-of-stake (PoS) consensus, receiving positive reactions from the community.
However, as one of the networks with the highest on-chain transaction records, Ethereum has left an enormous amount of carbon footprints since its launch in 2015, which triggers the question of the community about how to redress the network’s PoW carbon emissions.
ConsenSys, an Ethereum software firm, along with 18 other partners from across Web3, officially announce the formation of the Ethereum Climate Platform (ECP) at the 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC).
Joseph Lubin, Ethereum’s co-founder and CEO of ConsenSys emphasized:
“I anticipate that this group will want to fund projects that are not old style, legacy technology projects but do think about how they build systems”.
ECP is backed by reputable founding members: Microsoft, Polygon, Aave, the Enterprise Ethereum Alliance, the Global Blockchain Business Council, Huobi and Laser Digital.
With support from these big names in the industry, ECP will function using Web3 technologies, funding mechanisms, and governance protocols. ECP members will invest in climate projects that promise and have potential to mitigate Ethereum’s historic emissions.
Joseph Lubin explains: “The Merge set a new and extremely high bar for climate mitigation across the entire business and financial sector. But the climate crisis requires more radical change. This is why we are excited to come together with collaborators from among the most prominent actors from Web2 and Web3, as well as civil society leaders to accelerate climate innovations through the ECP”.
Yorke Rhodes III, co-founder of blockchain at Microsoft, added: “Core to our collaboration on this initiative is to assist the Ethereum community to chart an informed path forward”.
He also expressed the company’s excitement to contribute to this long-term and significant journey of the blockchain industry.
Sandeep Nailwal Co-Founder of Polygon. “We are excited to join forces with ConsenSys and our colleagues from Web2 and Web3 to tackle one of the most pressing challenges we face as citizens of the global community. By working together, we will strive to affect real and lasting change that will provide a better reality for all”.
Some of the well-known blockchains are now also working on migrating their network to the environmental-friendly PoS due to energy concerns.
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