Canadian ETF product provider Accelerate Financial Technologies Inc. has announced plans to launch a carbon-negative Bitcoin exchange-traded fund (ETF) .
Accelerate Financial Technologies plans to launch a carbon-negative BTC exchange-traded fund will be done through the act of planting trees. Accelerate, says planting enough trees to sufficiently offset the negative impact cryptocurrency mining has on the environment.
green bitcoin ETF
The Calgary-based company has committed to planting approximately 3,500 trees for every million Canadian dollars minted in its new zero-emission BTC ETF. ETFs were recently approved by the Canadian government, but not by the United States at the time of this writing. The company estimates that 1,000 tons of carbon dioxide will be offset for every million spent.
According to a post on its website , “Accelerate seeks to change the perception of Bitcoin ’s environmental impact with the strategy and meet growing investor demand for environmental, social and governance, or ESG, exposure.”
Accelerate adds that this is not a marketing tactic or a way to persuade environmentally friendly investors to get into the fund. Accelerate’s chief investment officer, Julian Klymochko, says that he and the company are “well aware of the concept of greenwashing.” He went on to say that he himself had been skeptical of similar products in the past that seem to please the organic community. This skepticism was the reason Accelerate finally decided to plant trees because it is a tangible contribution that is easy to track and understand.
Accelerate will work with H3M Environmental Ltd, along with a planting partner, to help with planting and other environmental matters. The Accelerate Bitcoin ETF will begin trading on August 31.
Cryptocurrency mining faces backlash
Accelerate’s announcement comes amid a period of increased scrutiny and regulation surrounding cryptocurrency mining. Most of this focuses on the enormous energy consumed by mining, particularly for bitcoin. The problem was so bad in China that the country began to ban mining, prompting most of the world’s cryptocurrency miners to look for a new country to operate.
According to the Cambridge Bitcoin Electricity Consumption Index, cryptocurrency mining uses more energy than entire countries like Sweden. Despite this, the Index also shows that the industry is moving towards a greener future. Data shows that global bitcoin mining used 56% sustainable electricity in the second quarter of 2021. That figure is up from just 36.8% in the first quarter of 2021.
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