15th November 2021, Edinburgh – Crypto wallet and payments platform Zumo has today announced the launch of its Zero Hero pilot renewable energy purchase project.
For the next three months of the pathfinder project, users who buy bitcoin via the Zumo app will be guaranteed that any electricity consumption linked with creating that bitcoin is compensated via verified renewable energy certificates – transparently and permanently recorded on the blockchain – that prove that the bitcoin is backed by 100% clean energy.
Despite the proliferation of cryptocurrencies employing increasingly energy-efficient consensus mechanisms, the Bitcoin network remains the most energy and carbon-intensive digital currency. The Zero Hero project is an early step – as part of wider industry decarbonisation efforts – in showcasing proactive platform-side action, giving crypto enthusiasts the chance to make the greener choice for their crypto finances and decarbonise Bitcoin holdings while incentivising renewable energy generation.
Renewable energy certificates will be procured from selected projects in areas of the world that are either heavily fossil-fuel dependent, or which are known locations of Bitcoin mining operations.
The underpinning technology is provided by Zero, an innovative early-stage blockchain-based technology from Energy Web, one of the three founding organisations of the Crypto Climate Accord, that aims to open up access to renewable energy markets worldwide by bringing together renewable energy suppliers and purchasers within an open, borderless, transparent digital solution.
The methodology for Zumo’s latest initiative builds directly on a comprehensive research exercise, completed last month, that investigated the current state of play in decarbonising the crypto industry, gathering input from leading sustainability researchers and cryptocurrency experts including The Crypto Climate Accord, Cambridge University Centre for Alternative Finance, The Green Bitcoin Project, The Digiconomist and TAAL Distributed Information Technologies.
It now feeds into the newly unveiled ‘Zumo Zero’ net zero strategy, which addresses the wider net zero imperative with a holistic three-pillar approach encompassing not only the company’s carbon footprint, but that of the blockchains it works with and the wider ecosystem as well.
Kirsteen Harrison, Zumo Environmental and Sustainability Adviser, commented:
“We believe crypto and the blockchain will help generations regain control over their financial futures – but we don’t believe that should come at the cost of the planet.
“As our industry matures, we have the unique opportunity to ensure we develop the products and behaviours that will drive a greener future. And we’re determined to play our part in setting a positive example and showcasing what industry-wide decarbonisation could look like.
“Of course, it’s only a part of the puzzle. Miners, platforms, users – we’re all going to have to pull together on this, which is why we continue to collaborate with our partners and the wider industry to deliver the transformational change we all know will be required to meet our ambitious net zero targets.”