Ninepoint Partners will eliminate the carbon footprint of its ETF
Ninepoint Partners, headquartered in Toronto, has declared that it intends to offset the carbon footprint of its Bitcoin ETF. To that end, the team today entered into an agreement with carbon-reduction service provider CarbonX.
As Bitcoin grows, so does environmentalist discontent with how Satoshi’s brainchild is “destroying” the environment. The Canadians of Ninepoint Partners decided to take this trouble seriously. Their compensation payments would be a reasonable decision for “green investors” since they will not only cover all the Bitcoins acquired by the fund but also those through which commissions will be paid in the process of running the company’s cryptocurrency assets.
The CEO of Ninepoint Partners expressed the hope that other firms could follow their example, making minimum carbon emissions the new standard in the crypto industry, reducing it even with the release of ETF products. The head of the company declined to elaborate on the cost of carbon offsetting for the company but noted that it makes up the bulk of Ninepoint’s management fees about 0.7%.
In addition to CarbonX, Ninepoint Partners relies on its cooperation with Crypto Carbon Ratings to reduce its impact on nature. With their help, the company will be able to form the most unbiased assessment of “harm” to the environment.
Naturally, even such a good initiative from representatives of the cryptocurrency industry was immediately criticised. Among critics, Greenpeace sees the greatest “threat” in digital currencies. While others call the reduction of carbon emissions a “PR stunt” on the part of large companies.
Ninepoint manages over $320M worth of Bitcoins in partnership with Galaxy and is one of the latest ETFs launched in Canada. Therefore, her example may well turn out to be significant for the entire industry. Especially against the backdrop of the debate that has flared up in recent months about the harm of Bitcoin to nature due to excessive energy consumption. But hardly anyone would deny that BTC is one of the most effective drivers for an even greater shift to green energy from renewable sources.