GOING GREEN: Aussie crypto exchange offsetting Bitcoin’s power drain

Australian cryptocurrency exchange Independent Reserve has announced several forward-thinking initiatives it has put in place with the goal of becoming carbon neutral.

Promoting a greener ecosystem

Carbon Dioxide (CO2) accounts for more than 70 percent of the total Global Green House (GHG) gases emitted by humans into the atmosphere, damaging the ozone layer and accelerating climate change.

As part of its plans to promote a greener ecosystem, Independent Reserve has subscribed to Climeworks, a Swiss-based firm dedicated to capturing CO2 from the air with its cutting-edge carbon dioxide removal technology.

For its part, the Sydney-based exchange plans to capture at least 1 tonne of CO2 per year.

What’s more, Independent Reserve has also applied to become a corporate member of Trillion Trees, a campaign being organized by three of the world’s conservation organizations to plant a massive 1 trillion trees by 2050 and reduce global annual carbon emission by 25 percent.

Commenting on the exciting initiatives, Adrian Przelozny, CEO and founder of Independent Reserve, said:

Bitcoin mining uses more energy than the whole of Switzerland. These figures are absolutely astounding. As Australia’s leading cryptocurrency exchange, it’s our duty to take proactive steps to become carbon neutral.

“We’re proud to be the first Australian crypto exchange to take real action on this issue and are committed to increasing our carbon capture program every year.”

Adrian Przelozny, CEO and founder of Independent Reserve
Adrian Przelozny, CEO and founder of Independent Reserve

Two hundred trees in 12 months 

During Independent Reserve’s first year as a corporate member with Trillion Trees, it aims to plant two hundred trees.

This will help to reduce CO2 emissions by an estimated 2.5 tonnes per year, and the exchange has made it clear that it is committed to planting hundreds more trees annually in its carbon neutralization initiatives.

Citing a 2018 study which found that 88% of consumers wanted brands to help them live sustainably and make a difference, Przelozny noted that it’s high time crypto market participants started taking significant steps to protect the environment.

“This figure certainly rings true for the cryptocurrency industry, and I have no doubt that it will continue to grow. When I speak with customers, the topic of how our industry can better protect the environment and reduce emissions is a common concern.”

“Our earth is precious, and every one of us should step up to protect it. As we grow our business, looking at ways in which we can further offset our carbon footprint will be one of my top priorities.”

Two hundred trees in 12 months 

Carbon neutralization on the blockchain

In related news, Singapore’s AirCarbon Pte Ltd has launched its AirCarbon Exchange, a blockchain-powered platform that will make it possible for airlines and “other corporate buyers” to trade tokenized carbon credits.

The exchange will be responsible for the provision of an ongoing supply of eligible emission units (EEUs), which will be used to acquire carbon dioxide offsets “for compliance and voluntary purposes.”

A spokesperson for AirCarbon explained that those credits will be “securitised into tokens using blockchain technology, making them highly liquid, fungible and tradable.”

In October 2016, the International Civil Aviation Organization (ICAO) introduced the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), an initiative whose primary objective is to formulate ways by which the global airline industry will significantly reduce harmful emissions. 

Each tradable carbon token will be equivalent to one tonne of CORSiA-compliant carbon credits.

In a bid to comply with the requirements of the Monetary Authority of Singapore (MAS), the AirCarbon Exchange, which is supported by the Sustainable Energy Association of Singapore (SEAS) and Enterprise Singapore, plans to obtain the recognized market operator license from the financial watchdog.

Commenting on the innovative initiative, Edwin Khew, SEAS chairman and co-founder of AirCabon noted: “We aim to make the AirCarbon token the easiest and most streamlined instrument for the trading of CORSIA EEUs globally.”

“This will be the world’s first global blockchain-enabled,multi-stakeholder carbon trading hub, representing carbon trades worth more than $100 billion.”

Koh Poh Koon, Singapore’s Minister of State, Ministry of Trade and Industry, kickstarted the carbon emission reduction project by minting AirCarbon’s first digital token during the platform’s official launch at the Asia Clean Energy Summit earlier this week. 

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