Software firm and core Ethereum contributor ConsenSys co-launched the Ethereum Climate Platform (ECP) at the 27th United Nations climate change conference (COP27) in Egypt.
See related article: Ethereum supply would have grown by 350,000 tokens under PoW
Fast facts
- The platform will mitigate the excess energy that the network produced before the Merge. “The Merge reduced Ethereum’s *future* energy needs by 99.992%. The ECP aims to redress Ethereum’s *past* PoW-based carbon emissions, since the network’s launch in 2015,” according to ConsenSys’ announcement.
- ConsenSys is co-launching the ECP with climate tech firm Allinfra and other companies including Microsoft, Aave, Artblocks, Gitcoin, Filecoin Green, Huobi, the Global Blockchain Business Council, and others.
- Instead of offsetting emissions through carbon credits, the ECP will fund the development of “climate projects that can significantly mitigate greenhouse gas emissions and achieve decarbonization at scale.”
- The Merge, one of Ethereum’s most anticipated upgrades, transitioned the network from a proof-of-work to a proof-of-stake consensus model on Sept. 15.
- While the Merge significantly slashed the network’s electricity consumption, industry participants agree that it will not overcome Ethereum’s “scalability paradox.”
- Ether rose 1.7% in the last 24 hours, trading at US$1,220 at 7.25 p.m. in Hong Kong, according to CoinGecko data.
See related article: Ethereum price undervalued since The Merge: report