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KPMG, one of the Big Four professional services firms, recently published a report on Bitcoin’s impact on environmental, social, and governance (ESG) issues. 
The report highlighted that Bitcoin offers various benefits when analyzed through an ESG framework. 
In terms of the environment, the report emphasized that emissions were a more significant environmental concern compared to energy usage. 
KPMG contextualized Bitcoin’s emissions in comparison to other sources, such as tobacco and tourism, and found that it ranked as the second smallest contributor, trailing only behind “Video (US).” 
Consequently, the report concluded that Bitcoin’s emissions might be lower than commonly discussed. 
To improve Bitcoin’s carbon footprint, the report suggested employing renewable energy sources and energy produced from methane for mining. 
Regarding social issues, the report pointed out that Bitcoin’s contribution to money laundering was relatively small when compared to the total amount of money laundering globally. 
Money laundering constitutes 2-5% of global gross domestic product, according to the United Nations Office on Drugs and Crime statistics cited in the report, while it accounts for merely 0.24% of Bitcoin transactions, as indicated by Elliptic. 
Moreover, the report highlighted that laundered money was received in Bitcoin far less frequently than in other cryptocurrencies like Ether, stablecoins, or altcoins. 
It suggested that Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could be applied during the off-ramping process of converting Bitcoin back to fiat currency, even though no AML/KYC requirements currently exist for transacting with Bitcoin. 
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The report also showcased positive use cases for Bitcoin, such as its utilization in fundraising for Ukraine and supporting electrification efforts in rural Africa. 
Addressing governance, the report praised Bitcoin’s robust governance system. 
It explained that Bitcoin’s rules could not be altered without forking, resulting in a decentralized system that cannot be abused or manipulated by individuals with ulterior motives or those in positions of power. 
While the report utilized secondary sources and familiar use cases, it acknowledged that Bitcoin remains widely misunderstood. KPMG, being well-versed in crypto-related matters, offers various crypto-related advisory services. 
In summary, KPMG’s report emphasized that Bitcoin presents several advantages from an ESG perspective. 
Despite certain environmental concerns, it highlighted the potential for lower emissions, recommended sustainable energy solutions, and acknowledged its relatively minor contribution to money laundering. 
Additionally, the report praised Bitcoin’s strong governance structure, ensuring its integrity and decentralization. 
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KPMG Report Finds Bitcoin Offers ESG Benefits

Crypto Intelligence

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