Ripple, CoinShares, ConsenSys Join Crypto Climate Accord

CoinShares’ chief strategy officer says, “It’s vital we correct misinformation that has persisted about Bitcoin’s energy use and sources.”

AccessTimeIconApr 8, 2021 at 2:00 p.m. UTC
Updated Sep 14, 2021 at 12:38 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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 2030.
  • 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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.