pledge: Crypto fundraising platform Pledge launches Carbon Offset Program

Synopsis

Pledge supports the non-profit entities to raise money. The mining process connected to how cryptocurrency is logged on the blockchain uses significant energy and contributes to global carbon emissions.

New Delhi: Pledge, a crypto fundraising platform, has announced the launch of its patent-pending carbon offset initiative, where every crypto transaction made will support verified carbon offset projects, on the occasion of World Earth Day.

Pledge supports the non-profit entities to raise money. The mining process connected to how cryptocurrency is logged on the blockchain uses significant energy and contributes to global carbon emissions.

PledgeCrypto commissioned environmental consulting firm, Three Squares Inc, to conduct a crypto environmental impact assessment to quantify the carbon emissions of cryptocurrency transactions made on its platform, the company said in a statement.
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“At Pledge, we fundamentally believe that unlocking crypto donations will provide an abundant new source of funding for nonprofits around the globe, but the process needs to be done in a sustainable way,” said James Citron, CEO, Pledge.

Eight of the most used cryptocurrencies were evaluated in-depth to quantify the emissions associated with a single transaction. This in-depth analysis factored in the total estimated energy of the cryptocurrency, matched with published recent transaction volumes.

A weighted electricity emissions factor was derived based on the regional breakdown of transaction locations around the globe. Multiple data sets were also used to ensure optimal data integrity.

While the final emissions will vary based on the energy used, location, and the currency being donated, Pledge estimates that roughly every 100 donations will generate approximately 2.6 tons of carbon dioxide (CO2) emissions.

To compensate for this environmental impact, Pledge will cover 100 percent of the carbon footprint of each donation transaction at no additional cost to donors or non-profits using PledgeCrypto.
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Updated: 04/22/2022 — 09:00