At COP27, in an effort to address Ethereum’s pre-proof-of-stake carbon emissions, ConsenSys and Allinfra, blockchain development companies that contributed to the merger, are launching the Ethereum Climate Platform (ECP) with 18 other companies.
COP27 will take place from November 6 to 18 in Sharm el-Sheikh, Egypt.
COP27 Pledges to Combat Ethereum Issues Ahead of Proof-of-Stake
The Ethereum merger caused the network itself to move to a greener consensus, Proof of Stake (PoS). The new objective of the Ethereum committee created for COP27 is to correct the Proof of Work (PoW) pre-merger 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 carbon meter platform created by Ethereum from 2015 to the merger.
Run by a software company ConsenSys and climate-focused blockchain company Allinfra, founding members of the coalition include a range of organizations, such as Microsoft, PolygonAave, Enterprise Ethereum Alliance, Global Blockchain Business Council, Huobi and Laser Digital.
Fortunately, in terms of climate concept, the merger has made Ethereum a more sustainable platform, and efforts to mitigate previous issues around proof of work are significant.
Joseph Lubinco-founder of ConsenSys, said in a press release:
“The merger has set an extremely high new standard for climate change mitigation in the corporate and financial sectors. He showed that through sheer force of collective will, we can successfully drive technology decisions that massively reduce carbon output.”
What is the strategy of the climate conference in Egypt
The platform’s climate mitigation strategy should be guided by a formal consultation process with key players in the global environmental space.
The project is overseen by 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 development consultancy sustainable ERM, who are part of the stakeholders. involved.
The announcement is hosted at the United Nations Global Climate Change Innovation Center at COP27. The Global Innovation Hub, launched in November 2021, aims to promote transformative innovations for a low-emission and climate-resilient future.
The hub facilitates UN SDG-compliant climate solutions. 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 an opportunity for a global interdisciplinary community of practice 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 excited to have the opportunity to design and launch an enhanced web3-enabled climate finance platform and acknowledge the outstanding guidance and insights of the United Nations Global Climate Change Innovation Center over the past few months in the preliminary design of this new approach. We look forward to the opportunity for the platform to further engage with strategic climate and Web3 leaders in collaborative efforts in the years to come.
Talk about one of the most important sustainability projects in the world of cryptocurrency and blockchain, a step towards a more sustainable future.