Filecoin Green, an initiative to decarbonize the Filecoin ecosystem, and Web3 data storage service Holon have published one of the first complete Web 3 Environmental, Social and Governance (ESG) reports, according to Coin Journal.

The report provides a framework for ESG action and storage service provider goals, as well as a new standard for cooperative sustainability.

“As a Web 3 project, we believe it is our responsibility to set an example for the community and industry as a whole by being transparent about our environmental impact and committing to continual improvement,” said Juan Benet, CEO and founder of Filecoin.

The report includes Holon’s Web 3 data storage service’s first full year of operations.

“We are proud to have partnered with Filecoin on this important initiative,” says Eyal Schulman, CEO of Holon. “This report is a significant step forward in our mission to make Web 3 more sustainable.”

One hundred percent renewable electricity acquisition 

By the end of the financial year 2025, Filecoin has promised to utilize one hundred percent clean power. The data storage industry currently consumes only 2% of all available electricity in the world. 

The report emphasizes the potential that Web 3 processes and technologies offer to improve ESG activities. It also offers key recommendations on how the industry can continue to move towards a more sustainable future. 

“The Web 3 ecosystem has the potential to be more sustainable than other ecosystems,” says Juan Benet, CEO and founder of Protocol Labs, the team behind Filecoin. “We are dedicated to working with our partners such as Holon to improve and expand carbon-reducing initiatives in the transportation sector. “

Glimpse energy utilization metrics in real-time 

Traditional Web2 ESG solutions are non-uniform and ad hoc. The open nature of the blockchain enables investors to see detailed energy usage data in real-time, verifying environmental claims, which is disrupting greenwashing. Alan Ransil of Filecoin Green says: 

“This document takes ESG efforts to the next level, offering countless possibilities for greater climate action and leveraging the power of Web 3, pushing investors to redefine their expectations for sustainability accounting.”

Claims that use a tiered approach to sustainability

The Filecoin Green Guide applies a tiered approach to sustainability and claims to handle energy unreliability clearly and flawlessly.

Holon is a storage company based in Australia that deals with frequent, high-cost energy and restricted access to clean energy alternatives. Renewable energy infrastructure in Australia ranks among the lowest in the developed world.

Holon founder Heath Behncke says:

“Australia may become a renewable energy superpower, but we are still far behind. A mechanism like this can help drive change. We need to have both accountability and awareness if we want to make a difference in the environment.”

Distinctly remarkable Web3 technology 

Regulators, companies, and consumers all see the importance of ESG issues, and investors are unwilling to continue ignoring them. 

One of the most useful Web 3 technologies to help the next generation of internet users is Filecoin’s data storage system. It recognizes that future generations must keep ESG at its heart. The Filecoin Foundation is working with Holon to develop a Web 3.0-appropriate continuous ESG version.

“The Holon team has significant experience in the field of ESG, and we’re excited to be working with them to ensure that Filecoin meets the highest standards for social and environmental responsibility,” says Behn.

The Filecoin Foundation’s partnership with Holon is just one way it is working. To ensure that Web 3 technologies meet the highest standards for social and environmental responsibility.

The Foundation is also supporting the formation of an industry-wide Web 3.0 Sustainability Working Group. Which will work to identify and address the key sustainability challenges facing the Web 3.0 ecosystem.

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James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.