We assist in coordinating crypto-climate projects, provide education and spaces/forums for Q&As, develop tooling for emissions-related methodologies, and provide clearinghouse services required for the industry-wide movement to address blockchain’s climate impact.
Working Group Core
The pervading criticism of the cryptocurrency ecosystem primarily focuses on the negative climate impact of blockchain’s energy use to power its networks. The concerns around these criticisms are real and must be addressed rather than ignored. In addition to the environmental impacts of the growing blockchain industry that should be mitigated, this conventional wisdom is causing governments worldwide to examine regulatory frameworks potentially damaging innovation and growth. We are still early in this journey but part of the solution. We are working on innovative solutions to sustain and regenerate our planet; we hope to instill a new generation of wealth that is less about material accumulation and more about the potential to scale distributed ownership among regenerative and sustainable assets.
Blockchain is a fantastic tool that affords accelerated and distributed composability and utility for various climate-positive initiatives, products, and companies. While the conventional wisdom often focuses on blockchain’s energy usage and related climate impact, BICOWG, along with blockchain operators and projects worldwide, is moving quickly to offset its carbon footprint and utilize renewable energy. More importantly, blockchain tools offer powerful new instruments to incentivize climate positive action across all industries and tokenize ecological impact. This creates a vast new market for climate finance.
Supporting, providing exposure to, and connecting the brain trust of crypto-climate operators in Web3 to the broader world is imperative to push the direction and guidance of the ecosystem.
In decentralized and permissionless environments, there is meaningful responsibility to collectively demonstrate grand vision and work together towards positive climate action.
BICOWG is a collective of crypto-climate operators dedicated to supporting and engaging climate-positive action, research, and change.
Over the last several months, the electricity usage of digital assets, including bitcoin and other similar blockchain networks, has amplified the conversation around sustainability and climate conservation. Within that dialogue and – solutions – are the position for smart contracts: fully traceable, transparent, and immutable self-executable contracts that run on blockchains. Smart contracts are a key to the solution in fighting climate change. They allow us to construct universally accessible and automated incentive systems that directly reward or incentivize individuals, organizations, and even governments for participating in sustainable practices. Practices include areas such as regenerative agriculture, GHGs such as regenerative agriculture, GHGs sequestration, carbon offsetting, and becoming carbon neutral/positive.
If BICOWG does its job well, the public narrative will shift from ‘blockchain is bad for the environment to ‘blockchain holds itself accountable for its impact on the environment and will quickly become a pivotal tool for reversing climate change.’
For investors, or anyone with a deep interest in Web3, shifting this narrative and quickly accelerating internal accountability for blockchain’s climate footprint is imperative.
The accelerating adoption of blockchain-based solutions has highlighted a critical issue: the technology’s energy consumption and impact on our climate. Our members have accepted the responsibility of actionable stewardship. They are working collaboratively with the climate, crypto, and blockchain industries to facilitate and accelerate the development of decentralized solutions and set the new standard for other sectors to follow. Deeply inspired by the Paris Climate Agreement and COP26 in Glasgow, BICOWG is a private initiative for the ReFi, DeFi, ReGen, and crypto communities focused on decarbonizing the digital and blockchain industries in real-time.
At our core, our promise to fight against climate change is a commitment to contributing to that shift in global consumption habits. Smart contracts, cryptocurrencies, and broader Web3 tooling are essential for rewarding and incentivizing participation in green initiatives. We aim to interact responsibly with our planet, our fellow citizens, and future generations.