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

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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.