COP27 is currently underway in Sharm El Sheikh, Egypt. World leaders meet at the United Nations National Climate Change Conference to deepen discussions on how to prevent climate change.
With world leaders coming together to help bring about a sustainable future, it might be worth exploring what they might learn from three upcoming green crypto projects.
Blockchain and Crypto on the Naughty List
Unless mentioned in a negative way, world leaders are unlikely to mention blockchain or cryptocurrencies at the COP27 event.
Cryptocurrencies have often received negative media attention due to the large amount of electricity required to secure large-scale blockchain projects like Bitcoin. According to the University of Cambridge, Bitcoin is estimated to account for just 0.1% of the world’s greenhouse gas emissions. Additionally, the Cambridge Center for Alternative Finance estimates that bitcoin uses as much electricity as the entire country of Egypt.
With statistics like these, it is no surprise that Bitcoin is mentioned as one of the possible driving forces of climate change.
However, while Bitcoin can be a heavy polluter, not all cryptocurrencies are bad for the environment.
For example, Ethereum recently switched from the resource-intensive Proof-of-Work (PoW) mining algorithm, much like Bitcoin, to a more environmentally friendly Proof-of-Stake (PoS) algorithm. As a result of the change, energy consumption was immediately reduced by 99.9%, which reduced the possible causes of climate change.
Ethereum is just one of many projects. Most of the tokens ranked in the top 20 use energy efficient algorithms, which will not 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 perform environmentally friendly tasks.
Here are three projects that world leaders should discuss at COP27.
IMPT to help individuals, companies and crypto projects reduce carbon footprints
IMPT is a green crypto project to help people and businesses reduce their carbon footprint. It provides an easy method to enter the complex carbon credit market that typically has limited price transparency and frequent scams.
Carbon credits are permits that represent one ton of carbon dioxide removed from the atmosphere. Large companies often have regulatory requirements to offset carbon emissions by buying and retiring carbon credits.
Although the law does not require small businesses to offset carbon emissions, most of them would not be able to 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 everyone, regardless of whether they can buy carbon credits.
The Carbon Marketplace feature allows users to buy, sell and withdraw carbon credits. The best thing about carbon credits on IMPT is that they are hosted as NFTs on the blockchain. This means that users can verify that they are genuine and cannot be counted twice.
In addition, 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 the sales margin to environmental projects. The sales margin is held in buyers’ accounts until they have enough to purchase a carbon credit.
Overall, IMPT is helping cryptocurrencies move towards a green future by providing a method for everyone to contribute to the environment and reduce their carbon footprint. If world leaders heard about this project, it would certainly be a vital point of discussion and COP27.
IMPT is hosting a pre-sale and has already raised over $12 million as environmentally conscious investors rush in early.
Visit the IMPT presale
Power Ledger decentralizes solar energy and BitGreen incentivizes users to complete environmental tasks
Power Ledger is another project that world leaders could learn to go greener from. Power Ledger is an energy platform that develops software to help track, trace, and trade renewable energy. It allows households to generate renewable energy and sell it to organizations for a sustainable future.
Households can generate electricity through solar panels and sell it to the grid during peak hours. The surplus energy will help reduce energy use from dirty and polluting sources like coal and gas.
Another green crypto project is BitGreen, a sustainable blockchain designed to serve the needs of NGOs and drive capital towards sustainability initiatives. BitGreen focuses on rewarding people for decisions that reduce their carbon footprint and for buying from local and sustainable suppliers.
One of BitGreen’s goals is to raise $1 billion for sustainability projects in ten years.
World leaders must pay attention
As you can see, the cryptocurrency industry is not all bad for the environment. World leaders need to wake up and start paying attention to the plethora of projects poised to make a positive impact on the environment.
With projects like IMPT and Power Ledger leading the way, it won’t be surprising to see them highlighted at COP events in the next five years.
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