Top technology companies have come together to launch the Ethereum Climate Platform. The platform’s primary goal is to address the issue of carbon emissions, a significant challenge that resulted from Ethereum’s previous consensus mechanism before the ecosystem underwent the hard fork upgrade. Key Web3 players participating in the development include Filecoin Green, Gitcoin, Huobi Global, Laser Digital, and Enterprise Ethereum Alliance.
Ethereum Climate Platform is live
A group of Web3 companies came together at COP27, the world’s most extensive climate action gathering, to launch the Ethereum Climate Platform (ECP). The ECP platform will address the carbon emissions tied to the previous Proof of Work consensus mechanism in the innovative contracting platform’s ecosystem. Ethereum launched in July 2015 as a PoW ecosystem but later transitioned to a Proof of Stake consensus mechanism on September 15, 2022.
Since Ethereum transitioned from Pow to PoS working principles, the blockchain-powered software platform has significantly reduced carbon emissions. From recent starts, PoS has 99.992% fewer carbon emissions than PoW, according to crypto carbon rating insights (CCRI). In the future, the alliance will participate in current scientific climatic initiatives that promise to cut carbonic emissions above and beyond Ethereum’s previous emissions before the merge.
How ECP will reduce carbon emissions
The conservation will come about due to utilizing Web3’s native innovations, architecture, finance methods, and administration procedures. Additionally, the group agreed to assist initiatives that accomplish the large-scale transition to low carbon. ECP will also bear new and innovative solutions that require transaction validation to ensure they have a visible environmental impact.
These initiatives might vary from carbon sequestration projects, technology, and natural ecosystems to green hydrogen, zero-carbon electricity, warming, cooling, and other amenities. COP27’s initiative to work on Ethereum’s previous carbon footprint comes from the last ecosystem leaving behind a carbon debt ranging in the tens of millions of metric tons.
With Ethereum out of the picture, the Bitcoin mining ecosystem remains the most significant carbon emission contributor in the cryptosphere. Recent Cambridge Center for Alternative Finance (CCFA) research indicates that Bitcoin mining accounts for 0.1% of Greenhouse Emissions.