The U.N Intergovernmental Panel on Climate Change (IPCC) names crypto among technologies that require massive energy consumption.
The IPCC said cryptocurrencies have the potential to be a “major global source” of carbon dioxide emissions, according to a report released on Monday. According to the group, predicted CO2 emissions between 2010 and 2019 indicated that there was only a 50 percent chance of preventing global warming to 1.5°C. This is based on the carbon budget remaining from 2020.
IPCC calls out crypto
“The energy requirements of cryptocurrencies is also a growing concern, although considerable uncertainty exists surrounding the energy use of their underlying blockchain infrastructure,” said the new IPCC report.
“It is clear that the energy requirements of global Bitcoin mining have grown significantly since 2017. But recent literature indicates a wide range of estimates for 2020 (47 TWh to 125 TWh) due to data gaps and differences in modeling approaches.”
Along with crypto and blockchain, the IPCC addressed the energy requirements for artificial intelligence. The panel did note, however, that all technologies had the potential to reduce as well as increase emissions.
“Large improvements in information storage, processing, and communication technologies, including artificial intelligence, will affect emissions. They can enhance energy-efficient control, reduce transaction cost for energy production and distribution, improve demand-side management […] and reduce the need for physical transport.”
IPCC warns of heightened global warming
The report was the IPCC’s third and most recent attempt to advocate halving global emissions by 2030 in order to mitigate climate change’s environmental effects. Most experts think that rising sea levels could be one of the consequences.
Furthermore, harsh weather will become more often, providing challenges to communities living near coastlines and agriculture production.
Crypto and blockchain have become targets for many regulators, lawmakers, and even entertainers. The attacks are a result of the repercussions of climate change becoming more obvious around the world, as well as the growing urgency to cut emissions.