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NEW YORK and CHICAGO, June 24, 2021 / PRNewswire / – Gemini, a crypto platform, today announced Gemini Green, a long-term initiative to integrate climate-friendly practices into its operations. The company is collaborating with Climate Vault, a nonprofit organization founded at the University of Chicago, helping to purchase carbon permits for nearly 350,000 metric tonnes of carbon, an important first step on the path to offsetting of its use of the Bitcoin network and help decarbonize Bitcoin. Specifically, these carbon permits offset the non-renewable energy consumed by miners on the Bitcoin network to secure the bitcoin of which Gemini has custody.
Through Climate Vault, Gemini made it possible to purchase carbon permits directly from government-regulated cap-and-trade markets and withdraw them from circulation. This prevents other market players from using these carbon permits to emit CO2 and reduces the overall supply of carbon permits. The resulting reduction in allowable emissions is equivalent to nearly a billion kilometers traveled by a typical passenger car. Climate Vault will ultimately leverage the value of these “vaulted” permits to support the development of advanced carbon dioxide removal (CDR) technologies, further accelerating the removal of carbon from the atmosphere. Gemini is the world’s first crypto platform to offset its carbon emissions.
Bitcoin’s energy consumption results from the mining process that secures the Bitcoin blockchain. Therefore, Gemini calculates its “usage” of the Bitcoin network as the part of the mining process it benefits from, as opposed to a transaction-based approach. Gemini will work with Climate Vault as part of an ongoing program to offset and ultimately eliminate the bitcoin-related CO2 that Gemini has custody of.
“As bitcoin emerges as a dominant store of value, it is imperative that we embed sustainability for future generations. We are proud to partner with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing bitcoin, ”Tyler said. Winklevoss, CEO of Gemini.
“Slowing down and ultimately reversing the total amount of CO2 entering the atmosphere is essential to prevent disruptive climate change. Climate Vault provides a simpler, faster and more reliable path to net zero emissions, not only for traditional businesses, but now through Gemini for the innovative world of cryptocurrency, ”said Michael Greenstone, Milton Friedman Distinguished Service Professor of Economics at the University of Chicago and co-founder of Climate Vault.
Climate Vault deploys a unique and verifiable three-step approach to offset emissions and ultimately remove CO2 from the atmosphere:
First, Climate Vault uses contributions to purchase emission permits in well-established and tightly regulated carbon markets in North America. Next, Climate Vault “vaults” these permits, preventing other market players from using them to emit CO2 and effectively reducing the CO2 allowed below the market “cap”. Finally, Climate Vault will use the monetary value of these permits to fund the actual removal of CO2 from the atmosphere by companies that deploy breakthrough carbon dioxide removal (CDR) technologies.
As part of Gemini Green, in addition to supporting Climate Vault, the company has allocated $ 1 million through the Gemini Opportunity Fund to support sustainability-focused businesses, projects and nonprofits in the industry. cryptography.
About GeminiGemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens. Gemini’s simple, reliable and secure products are designed to empower the individual. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss.
About Climate Vault Founded at the University of Chicago, Climate Vault is a non-profit organization that uses the power of compliance markets to reduce and eliminate carbon pollution. Climate Vault works with climate-conscious individuals and organizations to help protect current and future generations from the adverse effects of climate change by providing an innovative solution to reduce carbon emissions today. Visit www.ClimateVault.org to learn more, calculate your individual footprint, and help your organization or financial portfolio achieve net zero. Join the climate conversation by following us on Facebook, Twitter and LinkedIn.
For more information on how Gemini calculates its share of Bitcoin power consumption, visit: https://www.gemini.com/blog/introducing-gemini-green-offsetting-bitcoin-carbon- emissions.
Contact Information For Gemini: Carolyn Vadino Communications Manager, Gemini[email protected]
For Climate Vault: Vicki Ekstrom HighCommunications, Climate Vault[email protected]
SOURCE Gemini
Related links
https://www.gemini.com
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