Given the recently growing media attention to the massive Bitcoin, Ethereum and other cryptocurrencies’ carbon footprint related to enormous energy consumption, crypto stakeholders are questioning the future of blockchain technology or at least demanding effective alternatives.
Stakeholders (investors, customers, regulators and the public) want to encourage blockchain companies to improve their ESG and sustainability disclosure and reporting practices. They demand transparency and it is not enough anymore saying that our crypto is eco-friendly, stakeholders require facts — audited sustainability report showing current carbon footprint and plans to become net-zero.
In this paper, Hermesnet discusses the increased scrutiny surrounding cryptocurrencies from a sustainability point of view and how they can become a credible alternative asset class from an ESG perspective. We will deep dive into the emergence of cryptocurrencies and why suddenly both investors and business has shied away from it, and how it can become an integral part of the green transition towards a net-zero stable blockchain and crypto economy.