SkyBridge Capital to offset carbon of its bitcoin holdings through credits purchase
August 2, 2021, 6:36PM EDT
1 min read
The international investment firm SkyBridge has partnered with MOSS Earth, a carbon credit provider, to reduce the equivalence of 38,436 tons of carbon from the atmosphere, according to a Monday release.
"We project that bitcoin mining will be fully renewable by the end of the decade," said SkyBridge founder and managing partner Anthony Scaramucci in the statement. "In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors."
MOSS calculates how many carbon credits SkyBridge requires to reduce its carbon emissions, then sources those credits from third-party verified projects that aim to reduce deforestation and atmospheric carbon — a method other environmentally conscious crypto firms like NinePoint and Gemini have opted for.
While carbon offsetting suggests firms can immediately reduce the carbon associated with their business, the method has been criticized in the past. Determining whether carbon projects reduce atmospheric carbon that would not have otherwise occurred remains difficult, and future factors could disrupt the carbon-capturing necessary to absorb carbon produced at present.