Pushing back against growing crypto carbon footprint.
In brief:
- After the US Securities and Exchange Commission (SEC) approved Bitcoin exchange-traded funds (ETFs), the number of crypto fund products with significant carbon footprint grew dramatically.
- In light of this, Zumo, the B2B digital assets infrastructure prioritising compliance and sustainability, is joining forces with the Crypto Carbon Ratings Institute (CCRI), which provides data on the carbon exposure of investments and business activities related to blockchain, to help financial institutions better measure, mitigate, and report on the carbon footprint of their crypto activities.
- Research from Zumo and CCRI highlighted that as of March 2024, the annualised carbon footprint of all physically backed Bitcoin fund products stood at 4487.93 kilotonnes of carbon dioxide (ktCO2).
What does this mean?
Nick Jones, founder and CEO of Zumo, commented: “As providers’ share of crypto holdings increases, so must their responsibility when it comes to ESG considerations. We’re proud to be partnering with CCRI, which is recognised as the gold standard for sustainability data in our sector.
