{"id":2829,"date":"2023-07-11T00:00:00","date_gmt":"2023-07-11T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/2829\/climate-pledges-vs-bitcoin-investments-unveiling-the-1-5-billion-dollar-climate-bomb\/"},"modified":"2025-04-23T00:16:15","modified_gmt":"2025-04-23T00:16:15","slug":"climate-pledges-vs-bitcoin-investments-unveiling-the-1-5-billion-dollar-climate-bomb","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/climate-pledges-vs-bitcoin-investments-unveiling-the-1-5-billion-dollar-climate-bomb\/","title":{"rendered":"Climate Pledges vs. Bitcoin Investments: Unveiling the $1.5 Billion Dollar Climate Bomb"},"content":{"rendered":"<p><span class=\"p4descriptive_paragraph\">Greenpeace USA&#8217;s new report exposes the financial institutions driving Bitcoin\u2019s climate destruction.<\/span><\/p>\n<p>Greenpeace USA\u2019s new report exposes the financial institutions driving Bitcoin\u2019s climate destruction.<\/p>\n<p><span style=\"font-weight: 400;\">Click <\/span><a href=\"https:\/\/www.greenpeace.org\/usa\/reports\/investing-in-bitcoins-climate-pollution\/\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for the full report<\/span><\/p>\n<p><b>Washington, DC (July 11, 2023)<\/b><span style=\"font-weight: 400;\">\u2013Greenpeace USA\u2019s new report exposes the financial institutions driving Bitcoin\u2019s climate destruction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BlackRock, Fidelity, Vanguard, CitiGroup, JPMorgan Chase, Goldman Sachs, Visa, Mastercard, and American Express have collectively invested $1.5 billion in Bitcoin mining, along with providing numerous services and investments to their customers, the report finds. <\/span><i><span style=\"font-weight: 400;\">Investing in Bitcoin\u2019s Climate Pollution: Big Finance is Betting on Dirty Bitcoin<\/span><\/i><span style=\"font-weight: 400;\">, released today, finds that these companies\u2019 Bitcoin investments contradict their climate commitments and the demands of science and justice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin, referred to by some as a \u201cclimate bomb,\u201d devours energy at an alarming scale, rivaling nations like Chile and Denmark; most of this energy comes from burning fossil fuels like coal, oil, and gas. Coal-fired power plants slated to be closed have been kept open or even reopened to power bitcoin mining. Financial institutions are accelerating the clock on this carbon time bomb by collectively investing over $1.5 billion dollars in the mining industry and mainstreaming broader adoption. Bitcoin\u2019s climate pollution needs to be addressed immediately before it becomes a bigger problem.<\/span><\/p>\n<p><b>Joshua Archer, Greenpeace USA\u2019s Bitcoin Project Lead, said: <\/b><span style=\"font-weight: 400;\">\u201cThere is no CEO of Bitcoin. But JPMorgan Chase, BlackRock, and all of the companies we investigated have the power and resources to push for a change to the code that would eliminate nearly 100% of Bitcoin\u2019s energy use. This is a rare opportunity to eliminate a massive amount of fossil fuel use without needing to replace it with another energy source.\u00a0 But instead of calling for this common sense change and leading us toward a green future, financial institutions are making a risky gamble on Bitcoin at the expense of climate and communities. By investing in mining companies, creating new avenues for Bitcoin transactions, and building new services to bring Bitcoin to a broader clientele, they are operating in contradiction with their own climate pledges. We invite them and other stakeholders to the table to plot a future for Bitcoin that\u2019s compatible with a just, habitable planet for all.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All nine companies have made climate pledges or set ESG goals, yet all fail to address the glaring pollution problem posed by Bitcoin. Some have even publicly criticized Bitcoin\u2019s environmental impact, but continue to discreetly invest in and expand their Bitcoin portfolios.<\/span><\/p>\n<p><b>To learn more about the role of financial institutions in supporting Bitcoin\u2019s climate problem, read Greenpeace USA\u2019s Report <\/b><a href=\"https:\/\/www.greenpeace.org\/usa\/reports\/investing-in-bitcoins-climate-pollution\/\"><b>here<\/b><\/a><b>.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Our scorecard ranked asset manager BlackRock and bank JP Morgan Chase as the worst when it comes to Bitcoin. Both emerged as prominent supporters of Bitcoin by actively investing in mining companies and Bitcoin investment products. Despite their sustainability commitments to reduce carbon emissions, neither company has taken action to address Bitcoin\u2019s environmental impact.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Greenpeace USA\u2019s investigation exposed a glaring contradiction, as influential figures like Blackrock CEO Larry Fink and JP Morgan Chase CEO Jamie Dimon, who have both denounced Bitcoin and claimed to be climate champions, are now deeply entrenched in substantial Bitcoin investments. At the World Economic Forum in January 2023, Dimon famously mocked cryptocurrency as a \u201cwaste of time\u201d and Bitcoin as a \u201cdecentralized Ponzi scheme\u201d and a \u201chyped-up fraud.\u201d That these key players have embraced Bitcoin raises serious concerns about the integrity and seriousness of the financial service industry\u2019s commitment to addressing climate change.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><b>Archer added: <\/b><span style=\"font-weight: 400;\">\u201cIt\u2019s not enough to have ESG goals and climate pledges \u2014 financial institutions must enforce them and live up to their promises. These financial institutions should follow through on their commitments and take responsibility for the significant consequences their business operations have in the real world. The impact of their inaction on pressing issues like Bitcoin\u2019s pollution problem can be far-reaching and contribute to more severe climate change.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If these C-suite executives genuinely prioritize combating the climate emergency and achieving their net-zero emission targets, it is imperative for them to acknowledge publicly the issue at hand. Greenpeace USA calls on them to push for fundamental changes in Bitcoin\u2019s code, ensuring it becomes a force for positive change rather than a contributor to climate degradation. By taking a stand, they can demonstrate true leadership in aligning financial power with environmental stewardship.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multiple attempts were made to contact executives from all nine financial institutions. Visa, Mastercard, BlackRock, and CitiGroup were willing to engage in conversations about Bitcoin pollution, but to date these discussions have yielded limited results. Fidelity, Vanguard, JPMorgan Chase, American Express, and Goldman Sachs ignored or refused Greenpeace USA\u2019s efforts to engage them on this issue.<\/span><\/p>\n<p><b>Methodology<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The methodology involved selecting financial companies from the banking, asset management, and payment processing sectors based on their involvement with Bitcoin, considering their size and influence in the industry. The report examined investments and exposure through share and bond holdings in Bitcoin mining companies and the provision of services and products related to Bitcoin. Data was collected from public filings, news sources, and Bloomberg Terminal. The report acknowledges the challenges of tracking Bitcoin investments and quantifying the scope and size of Bitcoin-related services.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">###<\/span><\/p>\n<p><strong>Greenpeace USA<\/strong><span style=\"font-weight: 400;\"> 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\u2019s 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 <\/span><a href=\"https:\/\/www.greenpeace.org\/usa\"><span style=\"font-weight: 400;\">www.greenpeace.org\u00a0<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greenpeace USA&#8217;s new report exposes the financial institutions driving Bitcoin\u2019s climate destruction. Click here for the full report Washington, DC (July 11, 2023)&#8211;Greenpeace USA&#8217;s new report exposes the financial institutions&hellip;<\/p>\n","protected":false},"author":65,"featured_media":1288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[209],"tags":[51,50],"p4-page-type":[33],"class_list":["post-2829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-campaign","tag-blackrock","tag-bitcoin","p4-page-type-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Climate Pledges vs. Bitcoin Investments: Unveiling the $1.5 Billion Dollar Climate Bomb - Greenpeace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greenpeace.org\/usa\/climate-pledges-vs-bitcoin-investments-unveiling-the-1-5-billion-dollar-climate-bomb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate Pledges vs. Bitcoin Investments: Unveiling the $1.5 Billion Dollar Climate Bomb\" \/>\n<meta property=\"og:description\" content=\"Greenpeace USA&#8217;s new report exposes the financial institutions driving Bitcoin\u2019s climate destruction. 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