Filecoin Green, a Protocol Labs initiative designed to reduce the environmental impact of FIlecoin and make Filecoin verifiably sustainable, has spearheaded an initiative to power Web3 technology with verifiably clean energy.
According to the announcement, the company is set to address the shortcomings of traditional carbon storage solutions by “marrying blockchain’s granular tracking functionality with the information-sharing infrastructure of Web3”.
Filecoin Green launched CO2.Storage, a Web3 data storage solution, which intends to enable transparency for carbon offsets, address traditional storage solutions for all types of digital environmental assets, and renewable energy credits.
As part of the initiative, Filecoin Green said it has partnered with several companies involved with tokenizing carbon offsets, such as Toucan, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest. The data storage solution will enable carbon credit providers to define their own data schemas and to store this data through content-addressing on Filecoin and Interplanetary File System (IPFS), thereby, creating a transparent system for carbon credits.
Related: Filecoin service provider announces move to Singapore in light of tightening restrictions in China
The subject of carbon emissions and carbon credits has become a prominent topic, as traditional organizations and governing bodies are beginning to look to blockchain technology as a viable path to reducing carbon emissions.
In 2021, the United Nations Environment Programme and other governing bodies convened at the Middle East and North Africa Climate Week to examine blockchain’s potential for tackling climate change.
On Aug 10, Cointelegraph reported that organizations in the crypto space are also looking to improve the ecosystem through blockchain-tracked donations to carbon removal projects, tokenized carbon credits, and carbon-neutral blockchains.
A few blockchain companies are also taking a stand; in April 2022, Algorand announced that its blockchain was entirely carbon neutral, while in September 2022, Ethereum cut down its energy consumption by 99.9%, by transitioning to the energy-efficient proof of stake protocol.