Could a ‘Crypto Climate Accord’ erase cryptocurrencies’ carbon footprint? – Justine Calma

Bitcoin Mining at Russian CryptoUniverse Farm
Bitcoin Mining at Russian CryptoUniverse Farm | Bloomberg / Contributor via Getty Images

A newly announced “Crypto Climate Accord” aims to erase cryptocurrencies’ legacy of climate pollution. That’s a tall order considering the enormous amounts of energy that the most popular cryptocurrencies — bitcoin and Ethereum — consume. The loose goals laid out in the plan so far face potentially insurmountable challenges.

The “accord” is led by the private sector — not governments — and outlines a few preliminary objectives. It seeks to transition all blockchains to renewable energy by 2030 or sooner. It sets a 2040 target for the crypto industry to reach “net zero” emissions, which would involve reducing pollution and turning to strategies that might be able to suck…

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