CoinFund, a web3-focused investment firm, has partnered with emission assessment provider, Apex Group, and transparent carbon removal, Nori
CoinFund, Apex & Nori Partnership
CoinFund, a web3-focused investment business, has collaborated with Apex Group and Nori to quantify and offset its 2021 Bitcoin carbon footprint. Apex provided an independent assessment of the carbon emissions associated with CoinFund’s Bitcoin exposure by analyzing transactional Bitcoin volume, utilizing Cambridge University’s geographic hash rate data to determine miner use of renewable energy, and calculating the firm’s carbon footprint associated with this activity.
Nori’s web3 native carbon offset solution allows CoinFund to compensate farmers in Nebraska for implementing sustainable practices that increase soil carbon sequestration, as assessed by NRTS (Nori Carbon Removal Tonnes). Apex adheres to industry best practices and laws, including the TCFD, CDP, GHG Protocol, SFDR, DEFRA, and EPA, in order to comprehend and quantify each client’s carbon footprint. CoinFund and Apex Group are constantly comparing their performance against that of the rest of the sector, worldwide standards, and their own progress over time.
CoinFund recognizes the critical nature of scaling these efforts and, through its commitment to the Crypto Climate Accord, hopes to lay the groundwork for its portfolio companies and the broader web3 community to engage meaningfully with environmentally conscious partners in order to achieve 100 percent renewable energy-powered blockchains by 2025.
Quotes
Speaking on the partnerships, Chris Perkins, president of CoinFund said: “CoinFund is excited to partner with Apex and Nori to pioneer a scientifically based, innovative bitcoin carbon offset program that supports the Crypto Climate Accord. Efforts like this will offer investors more clarity, confidence and choice when evaluating and investing in web3. Environmentally conscious investing is a cultural imperative at CoinFund, and we will continue to prioritize sustainable initiatives to deliver the promise of web3.”
Speaking on the importance of sustainability efforts in web3, Robert Swan, Polar Explorer and Special Envoy to the Director General of UNESCO noted: “Web3 is a new frontier of sustainability. We are at a turning point where the sustainability decisions we make today can truly impact the future of our planet. I look forward to continuing my engagement in web3 as we lay the foundation for meaningful practices now.”
Speaking on the alliance, Alexsandra Guerra, Director at Nori added: “We’re delighted to be partnering with CoinFund to remove their carbon emissions. What Nori is building is a global marketplace for transparent and credible carbon removal offsets that are only counted once. CoinFund is sending a signal that they support climate-restoring carbon removal technology such as regenerative farming, and by doing so is playing a key role in scaling more carbon removal because more farmers will adopt these practices when they see that they can be paid for it in a trusted and verifiable way.”
Will Wilson, Assistant Vice President, Climate Lead, at Apex Group added: “Crypto carbon emissions are emerging at the fore of investor and public consciousness in recent months, with recent events, including the United Nation’s COP26, spotlighting the asset class as an outsized carbon contributor. We are impressed by CoinFund’s demonstrable commitment to being an accountable and sustainable crypto-asset investor and we look forward to continuing our work together and providing a path by which we hope other large crypto investors will follow.”
