Might there be a low-cost solution to the pollution concerns Gillian Tett raises in her article exploring the reactions to Tesla’s foray into bitcoin (Moral Money, FT.com, February 10)?
According to one estimate, the bitcoin industry emits less than 40m tonnes of carbon annually. Neutralising this using voluntary carbon credits envisaged by the UN’s climate and finance envoy Mark Carney — plenty are available at below $20 a tonne — might cost $800m a year. This is 10 basis points of the capitalisation of the $800bn bitcoin asset class.
Therefore investors who devote 0.1 per cent of the value of their bitcoins to, for example, carbon forestry every year should be able to sleep better at night with their now “net zero” bitcoins.
Founder, Craigmore Sustainables
Upper Wardington, Oxfordshire, UK