Blockchain technology is currently making big efforts to fight against climate change. Several platforms as well as charity tokens have started fund-raising initiatives for good causes and upped their game by increasing climate awareness through sound campaigns.
What are some of the most noted environmental initiatives by blockchain projects, and how positively are they impacting the quest against global warming?
Crypto And Climate Change
Several studies suggest that the computer “mining” necessary to create bitcoins requires vast amounts of energy. This translates into the emission of hundreds of millions of tons of greenhouse gases (GHG).
According to a recent study by Nature, bitcoin operations in China alone will produce 130 million tons of GHG by 2024, more than what the entire Czech Republic economy generates in a year.
Another study by the University of Cambridge has concluded that electricity consumption for bitcoin mining is currently equivalent to 121.36 terawatt-hours (TWh) per year, already above that of countries like Argentina (121 TWh), the Netherlands (108.8 TWh), and the United Arab Emirates (113.20 TWh), and will soon overtake Norway (122.20 TWh).
“If bitcoin were a country, it would consume more electricity per year than Finland and Switzerland,” the study asserts.
However, blockchain, the very ecosystem in which cryptocurrencies operate, is veering towards minimizing environmental impact through projects that contribute to the fight against global warming.
These types of endeavors are on the rise, and some blockchain and charity token companies are contributing enormously to environmental ventures with a high impact.
A Pressing Issue
The world is currently facing a climate crisis following the rise in carbon emissions over the past few decades.
CO2 emissions dropped by a record 5.8% in 2020 amid the COVID-19 pandemic, but are expected to increase 4.8% this year, inching to the 2019 peak. The gravitating effect of coal in economies such as China and India is certainly larger than the adoption of renewable energy sources.
Some of the key players fighting against climate change include governments, corporations, NGOs, and the general public through community-based programs.
The goal is to make the world greener by reducing carbon emissions to net-zero by 2050. This can be achieved in various ways, ranging from agreements such as the Paris Accord –which limits carbon emissions for each member country to keep global temperature increase below 2°C above the pre-industrial level.
But while some of these initiatives significantly reduce carbon emissions, it has become apparent that emerging technologies such as blockchain also have an essential role in going green.
Blockchain’s decentralized nature creates an ecosystem where anyone can participate and contribute towards a noble cause to save the environment. Unlike traditional ecosystems, noble initiatives built on a blockchain network have a wider reach, given the underlying decentralized architecture.
On this front, several blockchain-focused projects have taken up the mantle to give back to society through charity programs.
Blockchain And Crypto Initiatives
Raiinmaker is a blockchain-built influencer marketing platform that has been running charity campaigns. The company challenged stakeholders with the debut of its GlobalFieldDay campaign, which kicked off on August 23 and is set to end on October 22.
Notable beneficiaries of this campaign include Laudato Tree, a youth-powered movement that seeks to grow about 7 million trees on Africa’s great green wall.
In the same light and launched in March 2021, Elongate is a cryptocurrency trading on the Binance Smart Chain. It was conceived as a crypto project with a social and environmental impact as it gives 10% of every transaction fee to donations.
According to NASDAQ, Elongate has raised $3.25 million as of September for notable NGOs like Children International, Human Relief Foundation, and Action Against Hunger.
Similarly, Saveplanetearth.io (SPE) has a wide array of strategic partnerships, academic support, and a promising cryptocurrency community. SPE is looking to meaningfully change the planet’s outlook through carbon appropriation with the help of global groups and the public alike.
“SPE’s overall goals include developing an enhanced green (tree cover), better marine management, lobbying for more meaningful legal controls, and supporting the real costs of climate change.”
In April this year, blockchain ecological project SafeEarth announced the donation of more than $100.000 to The Ocean Cleanup charity, in charge of removing plastic waste off critical ecosystems.
“The money was raised from SafeEarth token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet,” the company reported.