On Wednesday, the World Economic Forum (WEF) announced the launch of a new Crypto Sustainability Coalition during a panel discussion titled “Web3’s Climate Impact.”

The Crypto Sustainability Coalition connects 30 partners who operate in the fields of sustainable development, crypto, and blockchain technologies to investigate how Web3 can be harnessed for positive climate action.

To achieve this, the body will support research and development, share best practices, and influence regulation pertaining to climate-related matters. 

“The coalition launch is timely as there is an urgent need to support the decarbonization of cryptocurrency and ensuring the industry is part of the climate solution,” Madeleine Hillyer, U.S. media specialist for the WEF, said in a press release. “Furthermore, there needs to be regulatory clarity that promotes web3 innovation, protects consumers, and improves financial inclusion.”

The coalition will be divided into three working groups focusing on energy usage, Web3’s potential for climate action, and “On-chain” carbon credits. 

Joining this coalition are a number of established companies in the field of blockchain, including Accenture, Avalanche, Avatree, CC Token, Circle, Climate Collective, Crypto Council for Innovation, Emerge, Energy Web Foundation, eToro, EY, Flowcarbon, Heifer International, KlimaDAO, Lukka, NEAR Foundation, Nori, PlanetWatch, Plastiks, Rainforest Partnership, Recykal, ReSeed, Ripple, Solana, Stellar Development Foundation, STEWARD, Sustainable Bitcoin Standard, The Global Brain, Toucan Protocol, University of Lisbon, and Zero Labs.

The Crypto Sustainability Coalition was made possible by the Crypto Impact and Sustainability Accelerator (CISA), a grant-funded initiative launched by the Forum in January 2022 with a mission to encourage a greater understanding of the environmental, social and governance (ESG) impacts of crypto technologies.