The Ethereum community is now moving forward in its effort to rectify the network’s previous proof-of-work (PoW) carbon emissions, which occurred many months after the Ethereum merger, which is when the network transitioned to Ethereum consensus. proof of stake (PoS). , which is more favorable for the environment.

At the COP 27 climate action event, Web3 companies, civil society leaders, and the United Nations Framework Convention on Climate Change announced the formation of the Ethereum Climate Platform. This platform aims to reduce the carbon footprint that the Ethereum network has left since it was first launched in 2015.

The founding members of the coalition include several different organizations such as Microsoft, Polygon, Aave, Enterprise Ethereum Alliance, Global Blockchain Business Council, Huobi, and Laser Digital. The coalition is led by software company ConsenSys and blockchain company Allinfra, which focuses on climate change.

The newly established organization intends to make investments in climate initiatives that have the potential to reduce Ethereum’s historical emissions by making use of Web3 technology, financial methods, and governance protocols.

Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, said that despite the high bar Merge set for climate change prevention, the climate situation still calls for a “more radical transformation.” In addition, Yorke Rhodes III, who was instrumental in the development of blockchain at Microsoft and is one of its co-founders, recognized the company’s desire to help. The CEO provided an explanation, saying that the most important aspect of his working together on this project is “helping the Ethereum community chart an educated path.”

On September 15, 2018, the Ethereum network successfully completed the transition to a consensus PoS, which has been in the works for quite some time. The Ethereum Foundation claims that the merger will result in a network that is 99.95% more efficient in terms of power consumption. This update is also intended to lay the groundwork for other future scalability options, such as sharding.

The merger was the first stage of a process that Ethereum co-founder Vitalik Buterin had previously characterized as a total of five stages. The next phase in the enhancement list is called Surge and comes after Merge. During the Surge, the network will incorporate sharding, which is a method of improving the blockchain’s ability to access and store data.