Greenpeace USA takes on Fidelity over Bitcoin’s dirty secret: Climate pollution!
March 29, 2023
Greenpeace USA activists brought an 11-foot tall art installation, the "Skull of Satoshi," to two Fidelity Investments offices in New York City yesterday to demand Fidelity take accountability for its role in supporting Bitcoin’s climate impact.
© Tracie Williams / Greenpeace
New York, NY (March 29, 2023) Greenpeace USA activists brought an 11-foot tall art installation, the “Skull of Satoshi,” to two Fidelity Investments offices in New York City yesterday to demand Fidelity take accountability for its role in supporting Bitcoin’s climate impact. The “Skull of Satoshi,” is a giant sculpture that was created in collaboration with Benjamin Von Wong, to highlight the climate and community impacts of Bitcoin.
As one of the world’s largest asset managers, Fidelity has a significant role to play in addressing the urgent climate crisis. To date, the company has pledged to address climate change and reduce greenhouse gas emissions. With its continued support for Bitcoin, a digital currency with a large and growing climate impact, the company is undermining its ability to follow through on its climate promises.
To learn more about Fidelity Investments’ role in Bitcoin’s climate problem, read Greenpeace USA’s Briefing Paper here: Financial Institutions Need to Support a Code Change to Cleanup Bitcoin
Rolf Skar, Greenpeace National Campaigns Director said: “We have tried to engage Fidelity Investments about addressing Bitcoin’s climate impact but they have demonstrated no interest in even talking, much less taking action. That is why we are here. Bitcoin mining requires vast amounts of electricity, contributing to carbon emissions, harming communities, and exacerbating the climate crisis. But this growing problem can be fixed if companies like Fidelity step up to develop solutions that work for people, the climate, and Bitcoin’s future in a warming world.”
Greenpeace USA is urging Fidelity to join the solution by encouraging Bitcoin to change its code to help mitigate the climate impact. Bitcoin’s code relies on a process called Proof of Work to validate transactions on its digital ledger or blockchain which consumes massive amounts of electricity from fossil fuels. Globally, its largest single source of electricity is coal-fired power plants.
The action comes as part of an ongoing campaign to hold corporations accountable for their role in contributing to the climate crisis through investments in Bitcoin. Greenpeace USA is calling on companies to prioritize climate commitments and to pressure Bitcoin to come up with creative solutions to address its energy intensive code.
Contact: Gigi Singh, Greenpeace USA Senior Communications Specialist, [email protected], 631-404-9977
Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org