Kpmg Refutes Misconceptions About Bitcoin’s ESG Benefits In New Report.
In a small but readable report, the report compares Bitcoin’s energy use to that of clothes dryers (equivalent) and its emissions to those of manure.
KPMG published a report on Bitcoin and ESG (Environmental, Social and Governance) issues. Professional services firm KPMG, one of the world’s Big Four, noted that Bitcoin offers “a range of benefits within an ESG framework.” It contextualized Bitcoin (BTC) emissions compared to other sources ranging from tourism to tobacco. Bitcoin was found to be the second smallest contributor after “Video (US)”.
Bitcoin’s emissions may be lower than often discussed.
The report reiterated common strategies to improve Bitcoin’s carbon footprint. These include using more renewable energy, and energy produced by methane.
BREAKING: KPMG, one of the ‘top 4’ largest accounting firms in the world acknowledges the positive impacts #Bitcoin can have on the environment. pic.twitter.com/LjxvELm3yg
— Dennis Porter (@Dennis_Porter_) August 1, 2023
Bitcoin’s contribution to money laundering is vanishingly small compared to the total value; Money laundering accounts for 2-5% of global GDP, the report said, citing the United Nations Office Drugs and Crime Statistics accounts for just 0.24% of Bitcoin transactions, according to Elliptic. The report also found that the amount of money laundered in Bitcoin was much less than the amount received in Ether (ETH), stablecoins or alternative coins. Anti-Money Laundering and Know Your Customer measures could be implemented at the time of transaction, although there are no AML/KYC regulations for Bitcoin transactions.
Here, too, positive use cases such as raising money for Ukraine or the electrification of rural Africa were mentioned.
Bitcoin is subject to a “robust system” as its rules cannot be changed without forking.
This results in a decentralized system that cannot easily be abused by individuals or those with ulterior motives. The report indicates that Bitcoin is still misunderstood. The company offers a variety of consulting services related to crypto.
The 12-page report is based on secondary sources, and uses familiar examples. The report does point out that Bitcoin is still misunderstood. The company offers a variety of advisory services related to crypto.
