As another year begins, some old concerns remain the same: the emission of carbon dioxide gas is still one of the greatest problems related to the survival of the planet and all beings consequently.
That’s why some initiatives to minimize and avoid higher CO2 emissions continue to be the topic of many conversations – and with reason.
According to the UN Environment Programme gas report, to get on track to meet the Paris Agreement Goals, the world needs to reduce GHGs (greenhouse gases) by unprecedented levels over the next eight years.
“Emissions must continue to decline rapidly after 2030 to avoid exhausting the remaining atmospheric carbon budget”, says the report.
But what does cryptocurrency have to do with this?
As we already know, many cryptos exist because blockchain technology supports them and blockchain works with a mining process that requires a lot of energy consumption.
So, in this post, let’s see how the Carbon emission footprint compensation has been the ultimate ally in the blockchain world, battling against the odds to achieve the goal established in important binding international treaties such as the Paris Agreement.
Current scenario and the long way to go
The UN Environment Programme report is alarming. Recent updated national pledges show not only that the goal of limiting global warming to well below 2°C, preferably 1.5°C, is not being reached but actually is getting worse.
To change the scenario in order to meet the Agreement’s goals, by 2030, 45 per cent of gas emissions should be cut to 1.5°C and 30 per cent for 2°C just to get on track.
Impact on global GHG emissions in 2030 of new and updated unconditional NDCs relative to initial NDCs (source: The Closing Window. Climate crisis calls for rapid transformation of societies by UNEP)
Those numbers are quite hard to reach and therefore only an urgent system-wide transformation can help with these enormous cuts.
“The window is closing! The world is not on track to reach the Paris Agreement goals and global temperatures can reach 2.8°C by the end of the century. The Emissions Gap Report 2022 finds that the world must cut emissions by 45 per cent to avoid global catastrophe. Solutions to transform societies exist, but the time for collective, multilateral action is now”
– UNEP report
How cryptos like Bitcoin impact on this
Cryptocurrencies like Bitcoin work because there is a system called ‘consensus mechanism’ in which their blockchains operate – and BTC uses the Proof of Work consensus mechanism.
In a nutshell, Proof of Work is the method by which miners (super powerful computers) approve transactions and create new cryptocurrency blocks such as Bitcoin.
Those computers require a lot of power in order to keep mining 24/7, authorizing transactions all around the world. Actually, nowadays, we even have ‘mining farms’: huge sheds giving shelter to hundreds and thousands of computers mining cryptocurrency every day.
That being said, the concern with gas emissions arising from this kind of energy consumption is pretty real and valid.
However, a lot of crypto mining companies now have been trying to use existing tools in order to prevent a massive GHG emission – and one of those tools is the Carbon Offset.
What is Carbon Offset & Carbon Footprint?
Carbon Offset is simply the act of selling compensation for one’s use of carbon dioxide, which can be called Carbon footprints.
In an earlier article about what blockchain projects are doing to help the environment, we shared an example to illustrate carbon offset that has been used by crypto companies:
Let’s say there is company A that uses a lot of carbon in order to produce its material through its machines.
With carbon offset, the CEO of company A could buy carbon credits and, consequently, help the environment.
This would happen because the money which buys the carbon credits is directly redirected to sustainable and green initiatives with various fields of action.
So, the idea is to compensate for the usage of carbon and possibly make it even or negative – contributing more than consuming.
Recent updated national pledges show that the goal of limiting global warming is not being reached and actually is getting worse. (Img: unsplash)
In addition, the carbon offset idea gained new life with blockchain and tokenization possibilities, once carbon credits are also sold as tokens and multiple green initiatives have been born in the web3 world.
A report from the Bitcoin Mining Council shows that there’s been a growth of approximately 58.6% of the global mining industry’s sustainable electricity mix.
This means that members of the BMC and participants in the survey are currently utilizing electricity with a 66.1% power mix, making it one of the most sustainable industries globally.
So, yes, there can be a lot of GHG emission from part of the crypto industry due to its dependency on super powerful machines and energy consumption as a consequence.
However, this industry is also presenting itself as one of the most engaged segments when it comes to carbon footprints reduction.
What about Klever?
Klever is part of the group of crypto companies that also compensates for carbon footprints emissions. Being part in saving the planet as we grow as a community and blockchain ecosystem is an important cornerstone in our reasoning for growth and sustainability.
The company does that in meaningful ways: Klever uses Proof-of-Stake, a different consensus mechanism to validate its transactions that require less power consumption than Proof of Work.
Klever also compensates carbon footprints with Moss.Earth (a climate tech that connects companies to innovative environmental solutions through blockchain technology) which in 2021 awarded Klever with an official certificate as a Carbon Neutral Certified company.
Klever Wallet is a carbon neutral wallet
Klever continues to work and prioritize environmental solutions in order to keep its Carbon Neutral status.
So, to utilize any Klever product and its technology means that you are also looking for ways to contribute to a greener, more sustainable and healthier world in your own way.
For example: it is fair to say that when you use a Klever Wallet, you are looking for a better, easier and more practical way to manage your crypto – and doing it while helping the planet can be an extra bonus.
That’s why we reinforce: in order to help the planet you don’t need drastic changes and impulsive actions.
You can help with daily habits and incorporate necessary changes by consuming products of companies that also care about the environment the way that you do.
After all, what is better than consuming a product that not only believes in you but also relates to you on a deeper level?
If you agree, let’s help the world together: download Klever Wallet and rest assured that you are using one of the safest, most user-friendly – and greener! – crypto wallets in the market.