Greenpeace: Asset managers are 'ignoring' climate impact of bitcoin
Greenpeace said asset managers have failed to acknowledge the problem and take responsibility for «cleaning up» Bitcoin.
In its Investing in Bitcoin's Climate Pollution — Big Finance is Betting on Dirty Bitcoin report, the organisation found financial services companies are adding to increased pollution and wider usage of fossil fuels by investing in and offering new products and services linked to bitcoin.
Greenpeace said that in 2022, 62% of the electricity used for bitcoin mining globally — which it noted «consumes as much electricity as entire countries» — came from fossil fuels.
The organisation pointed the finger at BlackRock, Fidelity Investments, Vanguard, Citigroup, JP Morgan Chace and Goldman Sachs as the asset managers contributing to this, alongside Visa, Mastercard and American Express.
BlackRock and JP Morgan Chase were found to be the «leading bitcoin supporters» in their respective sectors, and Greenpeace accused them of having done «nothing» to address bitcoin's impact on communities and climate.
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BlackRock was singled out as the «worst contributor among asset managers» and JP Morgan Chase as the «biggest bitcoin backer».
«They have failed to acknowledge the problem and take responsibility for cleaning up bitcoin,» Greenpeace said in the report.
BlackRock and JP Morgan Chase have been contacted for comment.
The organisation explained the cryptocurrency's energy consumption leads to increased greenhouse gas emissions, at a time when governments around the world are making commitments and introducing plans to reduce them.
Last year, bitcoin was estimated to have produced 58 metric tons of carbon dioxide, a figure which Greenpeace said will
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