Ethereum co-founder Joseph Lubin said that although Merge sets a high standard for mitigating climate change, the crisis still calls for more radical change.

Months after the Ethereum Convergence, as the network moves to the more environmentally friendly stake-of-stake (PoS) consensus, the Ethereum community is now shifting its focus to compensating for the network’s legacy proof-of-work (PoW) carbon emissions.

At the COP 27 climate action event, Web3 firms, civil society leaders and the United Nations Framework Convention on Climate Change announced the creation of the Ethereum Climate Platform, which aims to counter the carbon footprint left by the Ethereum network since it was launched in 2015.

Led by software company ConsenSys and climate-focused blockchain firm Allinfra, the coalition’s founding members include a number of organizations including Microsoft, Polygon, Aave, Enterprise Ethereum Alliance, Global Blockchain Business Council, Huobi, and Laser Digital.

The newly formed group will invest in climate projects that promise to reduce Ethereum’s past emissions, using Web3 technologies, financing mechanisms and governance protocols.

According to Ethereum co-founder and ConsenSys CEO Joseph Lubin, while Unification sets the bar high for mitigating climate change, the climate crisis still calls for “more radical change.” Additionally, Yorke Rhodes III, co-founder of blockchain at Microsoft, also expressed the company’s excitement to contribute. “The core of our collaboration on this initiative is to help the Ethereum community chart an informed path forward,” the executive said.

Related: Environmental groups want Bitcoin to follow Ethereum example in transition to Proof of Stake

On September 15, the Ethereum network completed its transition to a long-awaited PoS consensus. According to the Ethereum Foundation, Consolidation will make the network 99.95% more energy efficient. The update also aims to lay the groundwork for more scaling solutions like sharding.

The merge was the first step in a five-step process previously outlined by Ethereum co-founder Vitalik Buterin. After consolidation, the next step on the list of upgrades is Surge, where the network will implement sharding, a way to enhance the blockchain’s ability to access and store data.

Source: CoinTelegraph