Several months after the Ethereum Merge, when the network switched to the more ecologically responsible proof-of-stake (PoS) consensus, the Ethereum industry is now focussing on reducing the network's prior proof-of-work (PoW) carbon emissions. The ETH Climate Platform is planning to reduce carbon emissions.
ETH Climate Platform to Minimize Emissions
The ETH Climate Platform, which intends to minimize the carbon emissions left by the Ethereum platform since its inception in 2015, was introduced at the COP 27 climate action conference by Web3 companies, representatives of civil society, and the United Nations Framework Convention on Climate Change. Several companies, including Microsoft, Polygon, Aave, the Enterprise Ethereum Alliance, the Global Blockchain Business Council, Huobi, and Laser Digital are among the initial members of the union. It was led by software giant ConsenSys and blockchain startup Allinfra, which focuses on addressing climate change.
Reduction in Emission Using Web3 Technology
The new organization will invest in climate initiatives that aim to lessen Ethereum's previous emissions using Web3 technology, finance methods, and management protocols. In addition, Yorke Rhodes III, co-founder of blockchain at Microsoft, also emphasized the company's desire to assist Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, who said that while the Merge hit the highest standard for climate mitigation, the climate situation still demands more radical transformation. He further stated that at the core of the participation in this endeavor is to help the Ethereum community design an educated route ahead.