The Celo executive believes that the broader Web3 ecosystem has been making “really good strides” in terms of being able to change the narrative around blockchain’s impact on the environment. Last year, the community celebrated the Ethereum Merge, the blockchain’s shift from the energy-intensive proof-of-work (PoW) consensus to the more environmentally friendly PoS mechanism.

Olszewski believes that the Merge as well as the move by various teams within Web3 to offset or commit to offsetting their carbon footprints help the space in two ways. Firstly, it attracts people who were previously put off by those who argue that blockchains are not good for the environment. Secondly, the executive highlighted that this leaves room for innovation within the regenerative finance (ReFi) ecosystem.

“At the very least, I think we’ve started to shift the narrative, which I think is both really good for the crypto industry because I think it pulls more people in [...] and it’s created a safe space to innovate within the ReFi ecosystem,” Olszewski said.

Related: How blockchains can solve greenwashing and contribute to climate action

Apart from these, the executive also mentioned some benefits of having an on-chain carbon offset system compared to traditional methods. Olszewski said that traditional carbon credit systems are plagued by a lack of transparency.

https://cointelegraph.com/news/web3-ecosystem-made-good-strides-changing-climate-narrative-exec-says