Working Group on Energy Usage releases practically focused guiding principles for the fast-growing blockchain industry.
Last year, Zumo was proud, as part of its ongoing sustainability work in the digital asset space, to be invited to join the World Economic Forum’s Crypto Sustainability Coalition: a newly-formed collaborative initiative launched to investigate how web3 and blockchain tools can be leveraged to achieve positive climate action.
Following seven months of dedicated engagement and collaboration within the Working Group on Energy Usage, that initiative has now reached its first output with the release by the WEF coalition membership of its Guidelines for Improving Blockchain’s Environmental, Social and Economic Impact.
Providing guide-rails, toolkits and vital informational context designed to serve companies, individual investors, ecosystem participants and regulators alike, the report outlines both blockchain’s wider potential to positively impact the energy sector; and the need to accurately gauge and address immediate issues such as high energy consumption.
Drawing on the collective emerging best practice of its membership, it also provides an encouraging picture, through illustrated case study, of the rapidly growing toolkit of practical solutions that are emerging in this area. This includes Zumo’s Zero Hero pilot REC purchasing programme, which has formed a foundational part of our work to offer practically-focused solutions to blockchain energy consumption challenges.
By aligning with and consistently progressing the guiding principles and potentials outlined in this report, we believe blockchain businesses and solution providers can play a critical role in delivering net-zero solutions and addressing the pressing challenges of climate change.
We remain committed to promoting the responsible use of blockchain technology, and look forward to continuing to work with all of our partners and stakeholders to build a more sustainable and equitable future.
The full WEF report may be viewed here.