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.