Powering Crypto with 100% Renewables

We can reduce emissions, bring new demand to the cleantech industry, and unlock more customers and capital for crypto.
Inspired by the international Paris Climate Agreement, the Crypto Climate Accord is focused on decarbonizing the cryptocurrency industry in record time. Our collective ambition will create wins for both the planet and the global economy.

What does this mean for you?

If you are a crypto company or work in the crypto industry, you can address climate-related fear, uncertainty, and doubt of this new technology. This will help unlock capital currently held back by environmental, social and governance concerns.
If you’re a crypto investor, you’ll know your crypto is green.
If you are a climate advocate, you can eliminate emissions from the crypto industry, a fast-growing source of electricity demand.
If you are in the renewables industry, decarbonizing crypto means large amounts of new demand for clean energy.

Join Us

Join us in the effort to decarbonize the crypto industry and the world's energy system

How to 
Decarbonize Blockchains

Given the decentralized nature of blockchains, how can they be decarbonized?

Blockchains are the single biggest source of energy consumption in the cryptocurrency industry.

Based on innovation already taking place today, we see two high level paths to decarbonizing them:

Supply side: leverage the innate transparency of blockchains to fully decarbonize from the bottom up

The solution to making crypto green is not to mark individual tokens as green or not green. We want cryptocurrencies like BTC and ETH to remain 100% fungible. This is one of the primary benefits of crypto.
The real long-term solution is to assure all blockchains are powered by 100% renewables.
For some blockchains, industry can achieve this by further investing in consensus mechanisms and solutions that are more energy-efficient (e.g., Proof-of-Stake)
For other blockchains, proof-of-work consensus is here to stay. In this space, industry has an opportunity to leverage the transparency of blockchains themselves to measure just how much entire networks are powered by renewables.
Today, innovative companies are launching crypto mining sites in areas rich with renewables and in some cases using crypto mining to absorb renewable electricity that would otherwise be lost
To accelerate green mining further, we can use open source technology to measure and report—on a completely anonymous basis—how much mining is green
Strong precedent exists: renewable energy certification schemes are already active in markets across the globe that track renewable power generation. We can use a similar approach here to measure renewable power consumption tied to crypto mining activities.
This concept is almost identical to what technology giants Microsoft and Google are currently experimenting on with regards to data centers. Their intention is to prove that their data centers are being powered twenty four hours a day, seven days a week by renewable energy.
We can apply a similar technology approach to the crypto industry. If successful, crypto producers will be able to verifiably claim and prove their contribution to making an entire blockchain green—all while maintaining complete privacy for the businesses involved in crypto production
Under the Accord, we will support development of open source software that crypto producers, together with grid operators and renewable energy companies, can install to prove the origin of the electricity they use to mine crypto. This software will in turn help miners build stronger relationships with local/regional/national policymakers and regulators since they can use the proof of their renewable energy procurement to show their support for decarbonization efforts and eliminate concerns among policymakers and regulators about their energy use.
This technology—paired with governance structures that already exist in the renewable energy industry—can enable the entire industry to track and prove the green-ness of entire blockchains

Demand side: enable crypto investors and users to decarbonize their crypto holdings from the top down

Corporates around the world are already decarbonizing their businesses using renewable electricity.
According to the RE 100—a global initiative of nearly 300 large corporates committed to 100% renewable electricity—these companies are driving over 315 terawatt hours of renewable electricity demand per year (for comparison the BTC network uses ~120 terawatt hours / year according to the Cambridge bitcoin electricity consumption index).
The same products used by these companies to decarbonize their businesses can be applied to the crypto industry. Corporates, institutional investors, and even retail cryptocurrency holders can choose to purchase renewable energy that is directly tied to their crypto.
Depending on the geography and crypto investor preferences (around price, impact, etc.), there are many renewable energy options to choose from. In the end, crypto investors receive energy attribute certificates reflecting the proof of their renewables procurement from existing or not-yet-built renewable energy facilities, from local or highest-impact geographies (e.g., off-grid or conflict zone context), and bundled or unbundled with their electricity bills from their electric utility to name a few.
Here are two examples:
A major corporate or institutional crypto investor with strong sustainability commitments calculates the amount of non-renewable electricity attributable to their current cryptocurrency holdings. They then enter into a bilateral agreement with a renewable energy developer to purchase renewables over a multi-year period. The size of the project is directly correlated to the amount of non-renewable electricity used behind their crypto holdings.
A retail crypto investor purchasing crypto through an exchange chooses a “green crypto” option. This option charges a small percentage on top of the crypto transaction and places that value into an escrow account. This account is then used to purchase renewables from qualified renewable energy projects just like the corporate example above.
In both cases, open source technologies can be used to link these transactions to specific renewable energy projects around the world in order to prove their impact on decarbonizing crypto.
The Accord will be used as a coordinating framework to help crypto and renewable energy market participants deploy solutions like these,

Join Us

Join us in the effort to decarbonize the crypto industry—and the world’s energy system.
Crypto Climate Accord: Inspired by the Paris Climate Agreement, the Accord is a private sector-led initiative for the entire crypto community focused on decarbonizing the cryptocurrency industry in record time.
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