The purpose of this paper is to define an α-type cohomology, which we call α-type Chevalley-Eilenberg cohomology, for Hom-Lie algebras. We relate it to the known Chevalley-Eilenberg cohomology and provide explicit computations for some examples. Moreover, using this cohomology we study formal deformations of Hom-Lie algebras, where the bracket as well as the structure map α are deformed. Furthermore, we provide a generalization of the Grand Crochet and study, in a particular case, the α-type cohomology for Hom-Lie bialgebras.

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The main purpose of this paper is to study Quantization of color Lie bialgebras, generalizing to color case the approach by Etingof-Kazhdan which were considered for superbialgebras by Geer. Moreover we discuss Drinfeld category, Quantization of Triangular color Lie bialgebras and Simple color Lie bialgebras of Cartan type.