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.
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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.”
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.
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