CoinFund has partnered with Apex Group and Nori to offset carbon related to bitcoin usage
CoinFund, a web3-focused investment firm, announced its partnership with emission assessment leader, Apex Group, and transparent carbon removal leader, Nori, to calculate and offset its 2021 bitcoin carbon footprint as part of its active engagement with sustainability efforts across web3.
Working closely with CoinFund, Apex delivered an independent, in depth assessment of the carbon emissions associated with the firm’s bitcoin exposure by 1) evaluating transactional Bitcoin volume, 2) leveraging Cambridge University geographic hashrate data to assess miner use of renewable energy and 3) calculating the firm’s carbon footprint related to this activity.
With this calculation in hand, CoinFund partnered with Nori to physically remove an equivalent amount of emissions from the atmosphere through carbon abatement and sequestration. Nori’s web3 native carbon offset solution enabled CoinFund to pay farmers in Nebraska to use sustainable techniques that promote soil carbon sequestration, as measured by NRTS (Nori Carbon Removal Tonnes).
Speaking on the partnerships, Chris Perkins, president of CoinFund said: “CoinFund is excited to partner with Apex and Nori to pioneer a scientifically based, innovative bitcoin carbon offset program that supports the Crypto Climate Accord. Efforts like this will offer investors more clarity, confidence and choice when evaluating and investing in web3. Environmentally conscious investing is a cultural imperative at CoinFund, and we will continue to prioritize sustainable initiatives to deliver the promise of web3. ”
Apex follows industry best practice reporting standards and regulations, such as the TCFD, CDP, GHG Protocol, SFDR, DEFRA, EPA and more, to understand and quantify each client’s carbon footprint. CoinFund and Apex Group are actively benchmarking CoinFund’s performance versus the rest of the sector, international standards, and their own evolution over time.
CoinFund knows that scaling these efforts is essential and, with its commitment to the Crypto Climate Accord, hopes to lay out pathways for its portfolio companies and the greater web3 community to engage meaningfully with environmentally conscious partners with the aim to move towards 100% renewably-powered blockchains by the 2025.
Speaking on the alliance, Alexsandra Guerra, Director at Nori said: “We’re delighted to be partnering with CoinFund to remove their carbon emissions. What Nori is building is a global marketplace for transparent and credible carbon removal offsets that are only counted once. CoinFund is sending a signal that they support climate-restoring carbon removal technology such as regenerative farming, and by doing so is playing a key role in scaling more carbon removal because more farmers will adopt these practices when they see that they can be paid for it in a trusted and verifiable way.”
Will Wilson, Assistant Vice President, Climate Lead, at Apex Group added: “Crypto carbon emissions are emerging at the fore of investor and public consciousness in recent months, with recent events, including the United Nation’s COP26, spotlighting the asset class as an outsized carbon contributor. We are impressed by CoinFund’s demonstrable commitment to being an accountable and sustainable crypto-asset investor and we look forward to continuing our work together and providing a path by which we hope other large crypto investors will follow.”
Speaking on the importance of sustainability efforts in web3, Robert Swan, Polar Explorer and Special Envoy to the Director General of UNESCO noted: “Web3 is a new frontier of sustainability. We are at a turning point where the sustainability decisions we make today can truly impact the future of our planet. I look forward to continuing my engagement in web3 as we lay the foundation for meaningful practices now.”