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BCH $507.76 (4.02%)
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Study Shows Banks Cause More Pollution Than Bitcoin

Banks-Pollute-Way-More-Than-Bitcoin,-Study-Finds
  • Study shows banks are responsible for supporting projects that emit tons of CO2 in 2019.
  • Elon Musk British banks fund activities that pollute the top ten countries.
  • The UK is a significant contributor to climate change.

According to a study from Greenpeace and WWF, banks were responsible for supporting projects that emitted 805m tons of CO2 in 2019. Notably, Elon Musk’s British banks fund activities that pollute as much as a top ten country in the world.

Besides, experts estimate that the UK generated 455m metric tons of CO2 during that period. Moreover, the UK is a significant contributor to climate change, ranking in the top 20 most polluting countries.

The report reveals some alarming figures in the perceptions of those who genuinely worry about the environment:

In the five years since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion.

But the problem increases beyond the United Kingdom. The report Banking on Climate Chaos, backed by 312 activist groups from 50 countries worldwide, found out that globally. The investment of the big banks in exploiting fossil fuels has only been increasing.

In addition, Tesla CEO Elon Musk announced that Tesla would stop accepting BTC as a payment method. Due to its heavy dependence on dirty energy. Because of that, BTC crash nearly 50% from ATH of almost $65,000 down to $30,000 in a matter of days.

In conjunction with the announcement, Musk revealed that he was working with several Dogecoin developers. To enhance the blockchain and make it fit for global adoption.

One of Elon Musk’s advantages on the table is that Doge’s consensus algorithm is much more environmentally friendly than Bitcoin because it doesn’t demand much energy.

Faced with these concerns, Michael Saylor, CEO of MicroStrategy, meets with Elon Musk to form the Bitcoin Mining Council. This group will try to develop cheap and renewable energy to reduce the environmental impact of Bitcoin mining.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.