How the Web3 Ecosystem Can Tackle Climate Change

Changing the Narrative

While moving to proof-of-stake (PoS) contributes to changing the narrative of blockchains being harmful to the environment, there are still many things that the Web3 ecosystem can do to tackle climate change, according to Marek Olszewski, the CEO of Celo, an Ethereum layer-2 scaling solution.

Steering Towards Carbon Neutrality

As climate change remains a threat to humanity, companies and projects are steering towards becoming carbon neutral, says Olszewski. He believes that every project and company will likely move to be carbon neutral in the next ten years.

Positive Strides in the Web3 Ecosystem

Olszewski believes that the broader Web3 ecosystem has been making "really good strides" in terms of changing the narrative around blockchain's impact on the environment. The Ethereum Merge, which shifted from proof-of-work (PoW) to proof-of-state (PoS), has attracted more people to the space. Additionally, offsetting carbon footprints within Web3 creates a safe space for innovation within the regenerative finance (ReFi) ecosystem.

The Benefits of On-Chain Carbon Offset Systems

Olszewski highlights the benefits of using blockchain for carbon offset systems compared to traditional methods. With blockchain, there can be real-time transparency and verification of the validity of carbon offsets. This provides a higher level of trust and certainty.

Offsetting Carbon Footprints

Olszewski suggests various ways that blockchain-based projects can offset their carbon footprint. In addition to planting trees, other options include restoring habitat for species, using direct air capture sequestration, and utilizing biochar.