CRYPTO CLIMATE ACCORD

The Accord is focused on making the crypto industry 100% renewable as rapidly as possible. Today, our industry, like many others, is still largely powered by fossil fuels. We see an opportunity to help the entire industry transition to 100% renewable energy by working with crypto buyers, producers (e.g., miners), service providers, regulators, and renewable energy companies to make the industry 100% renewable in record time.

Initial supporters are companies and individuals who have committed their support to the vision and organizing principles of the Accord. A good analogy is the RE-100, a private-sector led initiative focused on corporate commitments to 100% renewables.

Cryptocurrencies are increasingly being purchased, invested in, and adopted by mainstream businesses and individuals alike, from Visa’s announcement to enable BTC payments to the NFT craze bringing crypto to the mainstream. Without a doubt, crypto is here to stay. At the same time, there is widespread concern regarding the crypto industry’s intensive energy use and high emissions. Given these factors, we see an opportunity to coalesce the entire industry around a shared effort and vision and a commitment to make improvements.

The Accord is a rallying cry for industry and an organizing framework for shared goals, idea generation, implementable solutions and collaborative work streams. Using its launch as a starting point, EWF, AIR, and RMI will begin the process of engaging crypto industry stakeholders to develop a robust plan with detailed solutions and recommendations. How the accord is structured, organized and governed long-term will be a question taken up with industry stakeholders

The Accord is intended as a broad, cross-sector initiative. Any organization or individual dedicated to decarbonizing the crypto industry is welcome under the umbrella of the Accord and can express its/their support.

EWF, AIR, and RMI have invested in-kind to get the CCA off the ground. Some early supporters are considering providing funding and/or in-kind resources to carry out a process of engaging industry stakeholders to develop detailed solutions and a long-range plan. Given the importance of the Accord’s mission and goals, we expect that over time supporters will contribute to a crypto fund for sustainability innovation, though that is not a requirement for supporting the Accord.

AIR (Alliance for Innovative Regulation) will lead engagement of key policymakers in both the U.S. and internationally. Among public sector decision makers, there is renewed focus on sustainability and all sectors can contribute to global efforts to meet the challenges associated with climate change, including crypto and global finance, more broadly. For example, we see an opportunity to issue energy sector-related policy recommendations to make it easier for cryptocurrency miners to access renewable energy options in markets where choice is currently limited.

• Initial resources are provided on the Accord website
• An action plan with suggested steps, tools and resources will be one of the first things we create: an agreed-upon set of key actions, milestones and targets, developed in collaboration with key members of the crypto industry

Please see our high level explainer on this topic here.

• EWF and AIR will lead a period of stakeholder engagement to collect and synthesize feedback and ideas towards a detailed plan and recommendations to decarbonize the crypto industry over the next five years
• We will also work with Accord supporters to determine the right collaborative framework for carrying out the various proposed workstreams and for enabling decentralized, community-driven initiatives that contribute to the overall sustainability of the industry
• Achieve the following by the end of 2021:
• Directly support institutional crypto buyers by helping them decarbonize current crypto holdings
• Engage crypto producers to help them access renewables
• Report on the impact of the Accord on a regular basis Host the inaugural Crypto Climate Accord Congress

BTC is certainly the biggest, single blockchain in terms of energy and emissions. But the Accord is focused on decarbonizing the entire crypto industry—including all blockchains.

• Crypto’s market cap is $2T, and the industry collectively uses approximately 150 Terawatt hours of electricity—more than Poland, Norway or Egypt or Sweden. That is to say it is no longer niche.
• We should care about sustainability in crypto because, as it turns out, what’s good for the climate is also good for crypto. By making crypto green, we can continue to grow the number of individuals and businesses who invest in and/or utilize cryptocurrencies.
• If successful, the Crypto Climate Accord will create wins for both the planet and the global economy. For climate advocates, we can eliminate emissions from a fast-growing source of electric load. For the cleantech industry, we can onboard an entirely new class of customers with significant demand for low-carbon solutions. For the crypto industry, we can help support widespread adoption of crypto by making industry more sustainable.