COP27 is currently underway in Sharm El Sheikh, Egypt. World leaders are gathering at the United National Climate Change Conference to further discussions about how to prevent climate change.
With world leaders gathering to help generate a sustainable future, exploring what they could learn from three upcoming eco-friendly crypto projects might be worthwhile.
Blockchain and Crypto on the Naughty List
Unless mentioned in a bad light, world leaders would unlikely mention blockchain or cryptocurrency at the COP27 event.
Cryptocurrency has often received negative media attention due to the sheer amount of electricity required to secure large-scale blockchain projects such as Bitcoin. According to the University of Cambridge, Bitcoin is estimated to account for 0.1% of the world’s greenhouse gas emissions alone. Furthermore, the Cambridge Centre for Alternative Finance estimates that bitcoin uses as much electricity as the entire country of Egypt.
With statistics like these, it’s not surprising to hear Bitcoin being mentioned as one of the potential driving forces behind climate change.
However, although Bitcoin might be a strong polluter – not all cryptocurrencies are damaging to the environment.
For example, Ethereum recently shifted from the resource-intensive Proof-of-Work (PoW) mining algorithm – the same as Bitcoin – to a more environmentally friendly Proof-of-Stake (PoS) algorithm. As a result of the shift, energy consumption was immediately reduced by 99.9% – reducing any potential causes for climate change.
Ethereum is just one of many projects. The majority of the top-20 ranked tokens are all using energy-efficient algorithms, which won’t have such devastating effects on the environment.
It doesn’t stop there.
Many projects actively try to help the environment by cleaning the air, decentralizing energy production, or incentivizing users to conduct environmentally friendly tasks.
Here are three projects that world leaders should be discussing at COP27.
IMPT to Help Individuals, Businesses, and Crypto Projects to Reduce Carbon Footprints
IMPT is an eco-friendly crypto project to help individuals and businesses reduce their carbon footprints. It provides a straightforward method to enter the complex carbon credit market that typically has limited pricing transparency and prevalent scams.
Carbon credits are permits that represent one ton of carbon dioxide being removed from the atmosphere. Large enterprises typically have regulatory requirements to offset carbon emissions by purchasing and retiring carbon credits.
Even though small businesses aren’t required by law to offset carbon emissions, most of them couldn’t enter the carbon credit market if they wanted to. This is what IMPT is trying to change. The IMPT team believes that contributing to the environment should be affordable and accessible to everybody, regardless of whether they can purchase carbon credits.
The Carbon Marketplace feature allows users to buy, sell, and retire carbon credits. The great thing about the carbon credits on IMPT is that they are hosted as NFTs on the blockchain. This means users can verify they are genuine and cannot be double-counted.
Additionally, IMPT will provide a shopping platform that allows users to earn carbon credits and reduce their carbon footprint while shopping. IMPT has partnered with world-famous brands – such as Samsung, Netflix, and Puma – who are ready to allocate a percentage of sales margin for environmental projects. The sales margin is held in the shopper’s accounts until they have enough to purchase a carbon credit.
Overall, IMPT is helping crypto head toward a green future by providing a method for everybody to contribute to the environment and reduce their carbon footprint. If world leaders heard about this project, it would undoubtedly be a vital point of discussion and COP27.
IMPT is hosting a presale and has already raised over $12 million as environmentally conscious investors rush to get in early.
Power Ledger Decentralzies Solar Power and BitGreen Incentivizes Users to Complete Environmental Tasks
Power Ledger is another project from which world leaders could learn to become more eco-friendly. Power Ledger is an energy platform that developers software to help track, trace, and trade renewable energy. It allows households to generate renewable energy and sell it back to organizations for a sustainable future.
Households can generate electricity through solar panels and sell it back to the grid during peak times. The surplus of energy will help reduce energy usage from dirty, polluting sources such as coal and gas.
Another eco-friendly crypto project is BitGreen, a sustainable blockchain designed to meet the needs of NGOs and drive capital into sustainability initiatives. BitGreen is focused on rewarding people for decisions that reduce their carbon footprint and for shopping with sustainable and local vendors.
One of BitGreen’s goals is to raise $1 trillion for sustainability projects in ten years.
World Leaders Need to Pay Attention
As you can see, the cryptocurrency industry isn’t all bad for the environment. World leaders need to wake up and start paying attention to the plethora of projects ready to make a positive impact on the environment.
With projects such as IMPT and Power Ledger leading the way, it won’t be surprising to see them featured in COP events in the next five years.
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