Web3 and Sustainability: How We Can Reduce the Climate Impact of Blockchains, How Blockchains Can Help Reduce Our Own

Abstract

The promise of digital asset ownership and transfer through Web3 technologies has been countered with concern for its significant energy consumption. To manage this sustainability issue while still encouraging innovation requires collective action on technology, tracking, and policy. In the summer of 2022, Intel and the Linux Foundation hosted a roundtable of stakeholders from across the Web3 ecosystem to discuss how various communities define and practice sustainability. The roundtable discussed solutions across different dimensions, such as more computationally efficient blockchains, the use of green energy, and implementing technical and accounting standards. The report summarizes three areas of action: governance of ecosystems, cultivation of knowledge, and greater advocacy for infrastructure innovation.