Play, shop and trade for a greener planet: This project offers new ways to combat climate change
Bitcoin (BTC) mining is estimated to emit 65.4 megatons of CO2 annually. This is the conclusion reached in 2021 by a group of climate and economic researchers in Europe in the report “Revisiting Bitcoin’s carbon footprint.” This emission is comparable to the carbon footprint of an entire country like Greece, which emitted approximately 56.6 megatons of CO2 in 2019.
Estimated global carbon footprint of the Bitcoin network. Source: Cell.com
However, it is worth noting that cryptocurrencies and blockchain technology, when used appropriately, can make a positive contribution to the environment. Recently, the World Economic Forum (WEF) highlighted the potential of blockchain technology as a vital tool in the fight against climate change. In a white paper released on April 25, the WEF shed light on the myriad of advantages of integrating blockchains into the climate action community. Specifically, the paper emphasized the transformative power of blockchain in supporting market transparency and facilitating equitable access to climate initiatives.
Industry pioneers are already providing use cases for cryptocurrencies to make the world greener, often by using green tokens (or green cryptocurrencies) to facilitate the transition to renewable energy sources through blockchain-based incentives. Individuals can participate in decentralized energy markets and trade renewable energy tokens.
Other organizations are using nonfungible tokens (NFTs) as a medium to raise awareness about sustainability and climate change. Artists, influencers and content creators can use their creative skills to develop educational NFTs that inform and engage the public. These NFTs can be infographics, interactive experiences or virtual exhibits that
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