Moving to proof-of-stake (PoS) is positive for the environment, but there are still more actions that the Web3 ecosystem can take to address climate change, according to Marek Olszewski, CEO of Celo, an Ethereum layer-2 scaling solution. In an interview with Cointelegraph, Olszewski discussed the threat of climate change, the benefits of using blockchain-based systems for carbon offsets, and different approaches that projects can take to offset their carbon footprint.
Olszewski emphasized the urgency of climate change and the need for companies and projects to strive towards carbon neutrality. He stated, “Climate change is still a systemic threat to our species. I think as a society we kind of owe it to ourselves to do anything that we can. And I suspect that every project and every company in the next ten years will probably move to be carbon neutral.”
While Olszewski acknowledged the progress made by the broader Web3 ecosystem in changing the narrative around blockchain’s impact on the environment, he highlighted the significance of the Ethereum Merge as a crucial milestone. The community celebrated the shift from proof-of-work (PoW) to the more eco-friendly proof-of-stake (PoS) mechanism. This transition, coupled with teams within the Web3 community committing to offsetting their carbon footprints, has not only attracted individuals previously skeptical of blockchain’s environmental impact but also paved the way for innovation within the regenerative finance (ReFi) ecosystem.
“At the very least, I think we’ve started to shift the narrative, which I think is both really good for the crypto industry because I think it pulls more people in […] and it’s created a safe space to innovate within the ReFi ecosystem,” Olszewski remarked.
Olszewski also highlighted the advantages of an on-chain carbon offset system compared to traditional methods. Traditional carbon credit systems often lack transparency, whereas blockchain provides real-time transparency and verification of valid carbon offsets. By integrating satellite data through an oracle on-chain, the credibility of carbon offsets can be accurately assessed.
When discussing ways for blockchain-based projects to offset their carbon footprint, Olszewski mentioned several examples in addition to tree planting, such as restoring habitat for species, direct air capture sequestration, and the use of biochar.
As the Web3 ecosystem continues to evolve and address concerns about its environmental impact, Olszewski’s insights emphasize the importance of proactive measures in tackling climate change. With increased transparency, commitment to carbon neutrality, and innovative approaches within the ReFi ecosystem, the path forward for the Web3 community is looking promising.
(Source: [Link to credible source])
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