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19 April 2021

Alliance of major firms aims to reduce crypto's carbon footprint

Alliance of major firms aims to reduce crypto's carbon footprint


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In an announcement today, the Crypto Climate Accord — reportedly inspired by the 195-signatory Paris Climate Agreement — said it aims to address the "large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use." Launched by nonprofits Energy Web Foundation, the Rocky Mountain Institute, and the Alliance for Innovative Regulation, the group’s partners include high-profile firms in the crypto space like blockchain-based payments company Ripple, Canadian mining firm Hut 8, digital asset investment firm CoinShares, Ethereum software company Consensys, and others.

Among the Crypto Climate Accord’s long-term goals are transitioning all of the world’s blockchains to be powered by 100% renewable energy by the United Nations Framework Convention on Climate Change in 2025 and developing an open-source accounting standard for measuring emissions from the cryptocurrency industry.

"The Crypto Climate Accord recognizes that financial technologies — including blockchain and cryptocurrency — are well-positioned to lead global finance’s commitment to a sustainable future," said Ripple in response to the launch today.

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