Venice, CA, April 21, 2022 (GLOBE NEWSWIRE) -- Pledge, the innovative fundraising platform that simplifies crypto donations for nonprofits via PledgeCrypto, is now introducing its patent-pending one-of-a-kind carbon offset initiative where every crypto transaction made through Pledge will support verified carbon offset projects.
The mining process connected to how cryptocurrency is logged on the blockchain uses significant energy and contributes to global carbon emissions. As a result, PledgeCrypto was inspired to commission the award-winning environmental consulting firm, Three Squares Inc, to conduct a cryptocurrency environmental impact assessment to quantify the carbon emissions of cryptocurrency transactions made on the PledgeCrypto platform.
"At Pledge, we fundamentally believe that unlocking crypto donations will provide an abundant new source of funding for nonprofits around the globe, but the process needs to be done in a sustainable way,” said James Citron, CEO of Pledge. “Inspired by our core values of care and community, we wanted to respond to environmental concerns about crypto, which is why we are proud to lead with the first-of-its-kind patent-pending invention to ensure that every crypto transaction through Pledge will support UNverified projects. This ensures that PledgeCrypto will not only be the most accessible way for donors to donate their digital assets and for nonprofits to receive them, but also in the most environmentally conscious way in the industry."
Eight of the most used cryptocurrencies were evaluated in-depth to quantify the emissions associated with a single transaction. This in-depth analysis factored in the total estimated energy of the cryptocurrency, matched with published recent transaction volumes. A weighted electricity emissions factor was derived based on the regional breakdown of transaction locations around the globe. Multiple data sets were also used to ensure optimal data integrity. While the final emissions will vary based on the energy used, location, and the currency being donated, Pledge estimates that roughly every 100 donations will generate approximately 2.6 tons of carbon dioxide (CO2) emissions. To compensate for this environmental impact, Pledge will cover 100% of the carbon footprint of each donation transaction at no additional cost to donors or nonprofits using PledgeCrypto.
Carbon offset projects, sourced from the United Nations Climate Neutral Now Initiative, will support the Burgos Wind Project and Cooking Stoves in Malawi.
“PledgeCrypto is demonstrating true environmental leadership in the cryptocurrency industry,” said Jaime Nack, President of Three Squares Inc., “By commissioning a thorough study to understand the carbon emissions of crypto transactions and showing transparency by pledging to compensate for 100% of those emissions, they are helping define what sustainability looks like for the new and rapidly growing industry.”
Pledge is tracking every cryptocurrency donation transaction, accounting for how Bitcoin, in particular, has the highest emissions per transaction and will retire carbon credits on an annual basis based on total transactions and the environmental impact of the cryptocurrencies used.
For more information about PledgeCrypto and the environmental impact of cryptocurrency transactions, visit pledge.to/crypto today.
About Pledge
Pledge is the world’s most trusted and innovative fundraising platform. Integrated with an impressive network of 2+ million verified nonprofits, Pledge empowers individuals, charities, and brands to drive donations towards a positive impact. Through fundraisers, cryptocurrencies, and Zoom virtual events, Pledge makes doing good a shareable experience. Visit www.pledge.to and make your #PledgeToDoGood.
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