Crypto Mining: Are Carbon OffSet Credits The Answer?

Here’s an interesting idea from Amber Group, who have announced a strategic partnership with the climate tech company Moss Earth, the first and largest environmental platform in the world to tokenize carbon credits. As per the agreement, Amber Group bought 250,000 carbon tons offsets’ worth of MCO2 tokens; approximately enough to offset the cost of more than 280,000 BTC transactions.

IE wonders if this sort of offsetting really does counteract the huge amounts of electricity being used to mine various crypto currencies and tokens worldwide, as a 1920s style share fever grips millions of people, all looking to get rich quick.

“Climate change is the central issue of our times. Joining forces with Moss Earth will constitute a major pillar of our carbon neutral business impact ambition and a path towards a long term carbon-negative pledge which we will be announcing soon,” remarked Michael Wu, Founder and CEO of Amber Group. “We will be working towards offsetting our carbon footprint, toward providing options for our users to act upon this commitment and eventually acting to remove carbon emitted since Amber Group commenced activities in 2017.”

As a crucial step towards fulfilling this pledge, Amber Group is therefore announcing its initiative to offer carbon offsetting options to its users, through which everyone will have the opportunity to offset the carbon footprint associated with their transactions by purchasing MOC2 Tokens, Moss’s tokenized carbon offsets.

Launched by Moss in March 2020, MCO2 is equivalent to one carbon credit, a digital asset that certifies the prevention of one ton of carbon dioxide from being emitted into the atmosphere. Through the certification process and the minting of MCO2 tokens, funds are sent to conservation projects in the Amazon. “We are very excited that such a reputable fintech unicorn such as Amber Group has embraced the battle against climate change – and honored that Amber Group chose to do it via endorsement of the MCO2. We believe that adding liquidity to this transparent way of offsetting carbon emissions is key for it to become easy and for us to add the habit to our daily routine,” says Luis Adaime, Founder and CEO of Moss.

This offsetting idea is already being used by famous bands like Coldplay and U2 who basically insist that by planting trees and cleaning up some bottles floating in the ocean they are effectively mounting a global tour which has a Net Zero footprint.

The thought occurs to IE that many insurers who currently offer cover on carbon related industrial activity like petrol refineries and fuel distribution, could use the same ploy to assuage the anger of activists online. Just an idea.

About alastair walker 10158 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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