The accord is already supported by leading organisations including Consensys, Ripple, EDF, and XRP Ledger, as well as having the backing of the United Nations Framework Convention on Climate Change (UNFCCC).
According to an Energy Web estimate last year, the top five public blockchains use up to 170 terawatt hours of electricity per year, more than the whole state of New York.
Without intervention this number will only increase as crypto adoption grows. In fact, it already is – in the last month Goldman Sachs and Morgan Stanley have both announced the incorporation of Bitcoin into their wealth management services, whilst PayPal began accepting payments in crypto.
The accord has set out three main objectives towards decarbonising the industry. First, to enable all blockchains to be powered by 100% renewable sources by 2030, to develop an open-source standard to account for emissions in crypto, and finally to achieve net-zero emissions across the whole industry by 2040.
“We have the technical solutions required to decarbonise blockchains. What the industry does not yet have – and needs – is a concerted effort,” said Walter Kok, CEO of Energy Web.
“The accord marries the right tools and public structure needed to achieve our goals, and we hope recognition from our global supporters inspires others to join in shaping our renewable energy future,” he added.
Energy Web have already begun developing such solutions. Energy Web Zero is a public, low-cost application built on top of the open-source Energy Web stack that helps renewable energy buyers drive their carbon footprint to zero through purchases of different renewable energy products.
Energy and crypto companies interested in the accord can join by contacting Energy Web at firstname.lastname@example.org.