The blockchain systems of crypto-currencies – Bitcoin in the lead – represent a major source of pollution on a global scale. Not long ago, a foundation initiated a special cryptocurrency climate deal. The goal? Ensure that the systems governing “cryptos” achieve carbon neutrality by 2040.
An ambitious goal
In recent months, mentioning Bitcoin has never been done without mentioning its price, oscillating between 45 and 50,000 euros. And yet the most important concerns relate to its impact on the environment. Across the world, hundreds of thousands of computers are “undermining” and this activity represents a veritable energy chasm. In 2018, a study explained that the blockchain could produce GHG emissions capable of increasing global temperatures by 2 ° C by 2033. The entire crypto-currency industry is concerned.
A few days ago, a non-profit foundation based in Zug (Switzerland) – the Energy Web Foundation – published the Crypto Climate Agreement. It is, as the name suggests, a climate agreement special crypto-currencies. For now, around twenty players in the sector have joined the operation for a common goal. This is to ensure that before 2030, blockchain cryptocurrency systems operate primarily using renewable energy. Above all, it will be a question of reaching the carbon neutrality by 2040.
Jesse Morris, commercial director of the foundation, ensured that this agreement concerned only the private sector. So, no request for public subsidy should only be requested. He believes that if Bitcoin goes green, business will be even better. Is this a self-interested initiative? Everything is possible. However, not all share this progress. Some experts like Alex de Vries (Digiconomist) believe that some problematic aspects of blockchain will not find a favorable outcome.
“If we can make bitcoin green, it will be much easier and less risky for other organizations to come and buy more bitcoins,” Jesse Morris said.
Among the companies that have joined the agreement in question, two are very popular in the industry: Ripple and Consensys. The first is the origin of the payment protocol and the cryptocurrency XRP, which is currently enjoying some success. The second is a decentralized software developer based on the Ethereum blockchain. Finally, the Crypto Climate Accord may be talked about during the next United Nations conference on climate change. The COP26 will take place in Glasgow (Scotland) from November 1 to 13, 2021, an event that the famous Greta Thunberg has formally decided to boycott.
Here is the presentation of the Crypto Climate Accord by the Energy Web Foundation: