From GBITS
GBITS is well aware that addressing sustainability in fintech and crypto is more important than ever.
As cryptocurrency becomes increasingly mainstream with more financial institutions, companies and individual investors racing to leverage this technology energy consumption has accelerated to already unsustainable levels, but not at GBITS.
GBITS is a no-mining crypto there are 5m there will always be 5m, as we develop new crypto’s and new services it will be done with a strong focus on
GBITS also pledged to achieve carbon net zero by 2027 or sooner.
Today, we’re excited to announce the next step in GBITS’s sustainability journey: our commitment to the Crypto Climate Accord (CCA) — a new initiative organized by EW, RMI and the Alliance for Innovation Regulation (AIR) to make the cryptocurrency industry 100% renewable.
GBITS is joining over dozens of supporters across different industries and blockchains, including the United Nations, CoinShares, Compass Mining, the XRP Ledger Foundation and ConsenSys to ensure that the crypto industry comes together to develop solutions that enhance sustainability, scalability and create value for all.
Ensuring a Sustainable Future, Together
The crypto market cap is nearly $2 trillion today, double the previous all time high, reached just three months ago, underscoring how quickly this industry is growing.
But this comes at a cost. Globally, the damages from climate change will amount to almost 3% of GDP by 2060. Herein lies the crux of the challenge moving forward: how can both the environment and global finance prosper without negatively impacting one another?
It starts with companies across the spectrum of finance coming together to address and prioritize emissions reduction and renewable energy use. In an industry known for innovation and rapid change, these should be solvable challenges. With the CCA, the crypto and blockchain community has taken a huge step in the right direction.
Inspired by the Paris Climate Accord, fintech and crypto industry leaders have partnered to launch the Crypto Climate Accord, a private sector-led initiative focused on decarbonizing cryptocurrencies to ensure the global financial system is less harmful and more sustainable.
Key objectives of the Accord include:
- Enable all of the world’s blockchains to be powered by 100% renewables by the 2025 UNFCCC COP Conference
- Develop an open-source accounting standard for measuring emissions from the cryptocurrency industry
- Achieve net-zero emissions for the entire crypto industry, including all business operations beyond blockchain and retroactive emissions by 2040
