Web3 data storage service and next-gen investment manager Holon and Filecoin Green, an initiative to decarbonize the Filecoin ecosystem, have published one of the first full Web 3 Environmental, Social and Governance (ESG) reports, Coin Journal learned from a press release.
The report sets a model for ESG actions and targets for storage service providers and a new standard for sustainability as a cooperative effort.
100% renewable electricity procurement
Filecoin has pledged to reach 100% renewable electricity by the end of financial year 2025. The data storage industry currently consumes just two percent of all the electricity in the world.
The report highlights the opportunities Web 3 processes and technologies offer to improve ESG efforts.
View energy use metrics in real time
Traditional Web2 ESG systems are non-standardized and arbitrary. The open nature of the blockchain allows investors to view granular energy use metrics in real time and verify sustainability claims, fighting greenwashing in the process. Alan Ransil of Filecoin Green said:
This report takes ESG efforts to the next level, opening countless possibilities for increased climate action and leveraging the power of Web 3, encouraging investors to redefine their expectations for sustainability accounting.
A tiered approach to sustainability claims
Filecoin Green’s Green Guide guides Holon, applying a tiered approach to sustainability claims to handle energy inefficiencies transparently and verifiably.
Holon is an Australian storage provider and often faces high, volatile energy costs and limited access to clean energy alternatives. Australia is one of the lowest-ranked developed countries in terms of renewable energy infrastructure.
Holon founder Heath Behncke said:
Australia can become a leading renewable energy nation, but we are still far behind. A framework like this can drive action. We need to have both accountability and awareness if we are to create a positive climate impact.
Highly significant Web3 tech
Regulators, corporations, and consumers believe ESG issues are important, and investors simply cannot afford to go on ignoring them.
The Filecoin data storage system is among the most beneficial Web 3 technologies to support the next internet generation. It recognizes the fact that the future must maintain ESG at its core.