Bitcoin propagators argue that cryptocurrencies’ carbon emissions are nothing compared to the value they provide. However, their impact on climate change — big or small — is being used as the rationale by different countries, economics, the World Bank, and others to dissuade people from the use of digital money. And, the Climate Change Accord (CCA) wants to head off the negative press at the pass.
With Elon Musk’s u-turn on Bitcoin due to environmental concerns, the clamour over the environmental impact of blockchain technology grew louder. The Crypto Climate Accord aims to address the carbon footprint created through crypto mining. By 2040, it wants the crypto industry to reach ‘net zero’ emissions — or carbon neutral.
So what is the CCA? What could go wrong, and why the industry has no choice but to lend its support? Read more here.