Ripple, CoinShares and ConsenSys have joined the Crypto Climate Accord, an initiative designed to make the cryptocurrency industry run entirely on renewable energy by 2025.
- The initiative, led by Energy Web and the Alliance for Innovative Regulation (AIR), is inspired by the Paris Climate Agreement, according to an announcement Thursday.
- The Accord is aiming to achieve net-zero emissions for the entire industry, including eliminating all historical emissions by 2040.
- Additionally, the Crypto Climate Accord will seek to develop an open-source accounting standard for measuring emissions for players in the industry to adopt.
- Meltem Demirors, chief strategy officer of CoinShares, said, “It’s vital we correct misinformation that has persisted about Bitcoin’s energy use and sources.”
- Prior research by CoinShares in 2019 concluded that some 74.1% of the Bitcoin network is powered by renewable energy, thanks largely to the high prevalence of hydroelectric power in regions like Southwest China.
- However, a study by the journal Nature Communications published Tuesday claimed that China’s bitcoin mining carbon footprint is equivalent to the entire emissions of one of its 10 largest cities.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.