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Sustainable crypto is a massive opportunity for forward-thinking crypto companies
Understanding emissions produced by PoW blockchains requires a nuanced understanding of both crypto networks and carbon accounting standards.
**Crypto emissions are part of Scope 3 for most crypto companies (**exchanges, NFT auction houses, payment processors, etc.). Miners should mostly focus on Scope 1 and 2 emissions.
Companies that choose to invest in carbon removal technology need to set an extremely high bar. Canopi's Carbon 360º platform and Climate API can help.
We know that many crypto companies are laser-focused on growth. That's why Canopi helps companies put climate on autopilot.
Please email [email protected] to find out more.
Today, we are proud to launch Canopi’s Climate API and Crypto Emission Calculator, which helps crypto companies measure and eliminate their emissions. We believe this launch comes at a critical moment for crypto and the world, and are excited to support companies like Flexa as they spearhead the use of clean crypto.
The polarization of the sustainability debate has benefitted no one. It has sowed confusion among insiders and outsiders. Now, climate concerns are keeping institutional investors and companies—many of whom already face great pressure to address their emissions—at arm's length. Tesla's decision to stop accepting bitcoin payments was scorned by longtime advocates of crypto, but the signal to other companies was clear: watch out because crypto adds significant climate risk to your balance sheet.
If crypto is to avoid the same fate as oil & gas companies—from which investors are trying to steer clear—the industry needs to demonstrate that it is taking meaningful action. That is why we want to offer a better framework to contextualize, measure, and reduce crypto’s carbon footprint.
We unapologetically advocate for the use of crypto. We firmly believe that crypto needs to consume energy and that mining serves a beneficial end—just like we condone the use of energy to transport our food or to pay with our credit cards. Our data does not show crypto's carbon footprint to be a cataclysmic problem in-and-of-itself (check out our Bitcoin emission estimates), but it is also not one that can go unaddressed.
Precisely because crypto is necessary, and because crypto needs energy, companies should seize the opportunity to differentiate crypto, and themselves, as climate-positive. Those that do invest in clean crypto will benefit immensely, while those that dismiss environmental concerns will fall behind.