On Tuesday, June 14, 2022 at Between the Towers (BtT), we want to take a look at two trend topics that, at first glance, could hardly be more different: ESG and Web3.0. The latter is sometimes referred to as a “climate killer” due to its use of blockchains. Is that really always the case? We think not. Besides, ESG is much more than just E for Environment. Therefore, in the upcoming BtT, we will discuss what benefits Blockchains, DeFi and NFTs bring in terms of Environment, Social and Governance aspects.
We look forward to interesting insights and discussion on ESG and Web3.0 with the following experts: Denise Duve – (Strategic Advisor ESG, Blocksize Capital GmbH), Nelson Inno (Founder & CEO, WeSpark) and Dr. Caroline Herkströter Partner, Norton Rose Fulbright.
Registration via the external site Ticketareo. We recently took on the topic ourselves, and discussed it in our Insights article “Blockchain and Sustainability – how does it fit together?“. Among other things, it was about what the problem is with the energy consumption of blockchains such as Bitcoin or Ethereum. In addition, it was about what the different consensus mechanisms (proof-of-work and proof-of-stake) have to do with it. We also shed light on different sustainable initiatives and approaches.
The energy debate over blockchains and cryptocurrencies in particular erupted in 2021. At that time, China cracked down rigorously on cryptocurrency miners (ironically this lead to a surge in mining activities in neighboring Kasachstan). At the same time, Tesla reversed its decision to accept Bitcoin as a payment method due to doubts about energy consumption. The concerns are not unfounded. According to Digiconomist, Bitcoin mining consumes a similar amount of energy as a small country, f. i. netherlands or Philippines . Other studies compared Bitcoin’s annual electricity consumption with countries like Austria or Venezuela, Switzerland or bigger countries like Sweden or Argentina. Estimates of how much energy bitcoin mining consumes vary. They range from 81.51 terawatt hours (TWh) annually to 117 terawatt hours or, at its peak, as much as 148 terawatt hours of electricity. Shortly thereafter, all blockchains were cast in a bad light. Rightly so?