Last Updated on January 30, 2024 by News Editor
Web 3.0 is another name for the third generation of the World Wide Web. It aims to be integral to sharing information services and the Internet of Things. The technology is centred around global decentralized, individualistic, and peer web connections. With web 3.0, there are features regarding permissionless systems, artificial intelligence, distributed ledgers, and trustless ventures.
Indeed, the purview of web 3.0 may prove limitless, and it may solve many problems left unresolved by web 2.0. Lately, the world has attempted to diversify the uses of the web, and it has sought to integrate web 3.0 into the processes of proffering solutions to climate change. Here are some ways the web generation has been or aims to be utilized in climate change actions.
How can Web 3.0 be Leveraged to Tackle Climate Change
Undoubtedly, in the fight against climate change, the decentralized nature of web 3.0 may be all that is needed to make a considerable difference. The technology can affect the collection and reporting of data concerning climate change and climate finance to aid prompt and effective decision-making on the part of the government and stakeholders. Blockchain, an invention of web 3.0, will surely aid transparency in carbon emission monitoring and help scale up carbon markets.
Further, the Decentralized Autonomous Organizations that aim to mitigate climate change through active investing is another excellent initiative showing the importance of web 3.0 in climate change. These organizations gather money from stakeholders and purchase shares in publicly traded companies. They proceed to effect climate regulatory changes in the companies’ practices and actions through voting and exerting influence.
Web 3.0 has also helped utilize NFTs in creating platforms linking global producers and recyclers of plastics. An excellent example of NFT platforms like this is the Plastiks marketplace. The platform proceeds to provide data from those waste management companies to monitor usage and bring about transparency.
Similarly, Web 3.0 has also been geared to Regenerative Finance Movement, creating systems to help rejuvenate the earth and restore climate balance and planetary resources. The movement also aims to create a niche for innovators, creatives, and advocates to canvass for climate change without encumbrances or limitations.
Lastly, one cannot talk about the potential of web 3.0 in affecting climate balance without referencing the creation and use of carbon credit through web 3.0. carbon credits are mechanisms used to offset the carbon emissions of organizations. These credits sponsor projects to eliminate carbon from the earth’s atmosphere. With Web 3.0, these credits can be tokenized to enable global purchase and increase carbon credit funds. This way, every organization can pay for their carbon emissions across country borders.
Aside from the above-listed advantages, there are several others that web 3.0 brings to the climate change mitigation table. These solutions may be what the world needs to put an end to the circles it has been running around climate change and bring about positive and visible solutions with global benefits.