Crypto Climate Accord, an initiative from the private sector, aims to make the cryptocurrency industry more sustainable. The initiative plans to achieve this by shifting the industry to 100% renewable energy by the year 2030. It became possible thanks to the partnership between the non-profit organization Energy Web, the Alliance for Innovative Regulation (AIR), and RMI, Venture Beat reports.
According to the source, organizations interested in making the cryptocurrency industry more sustainable have already joined the initiative. In particular, they include Ripple, CoinShares, Web 3 Foundation, the UNFCCC Climate Champions, and others. The newly created group aims to achieve its goals by collaborating with the actors in the crypto industry, including blockchains.
The carbon footprint of cryptocurrency mining has been discussed extensively. According to Be In Crypto, in 2017 Bitcoin’s electricity use was already higher than that of Ireland as a whole. Moreover, according to the Cambridge Centre for Alternative Finance, Bitcoin consumes more energy per year than entire Ukraine, Sweden, Argentina, Norway, and a number of other countries.
Now, with the non-fungible token (NFT) art becoming more popular, there are also different opinions on whether such art could be environmentally ethical. According to The Verge, digital artist Beeple aims to eliminate the carbon footprint of his artwork. He intends to do this by using renewable energy sources or investing in other initiatives that reduce carbon footprint.