Australian digital currency exchange Binance Australia has announced its intention to target a net zero carbon footprint within Australia.
This would make it the first crypto exchange worldwide to openly report on Environmental, Social, and Governance (ESG) metrics, a universal framework developed by the World Economic Forum.
This first step by a digital currency exchange follows similar moves globally by the industry to increase the transparency of the ESG footprint of organisations in the digital asset industry. Becoming an ESG entity aligns with our company’s vision to increase the freedom of money globally.
Leigh Travers, Binance Australia CEO
The disclosure of the ESG metrics, including governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, diversity and inclusion, pay equality and tax payments will be reported quarterly through the Socialsuite ‘ESG Go’ technology platform.
This eco-friendly push by Binance Australia also includes a partnership with the Koala Clancy Foundation with an initiative to plant trees for koalas on farms and private land, and create new habitats and advocate for better protection of wild koalas.
Crypto Industry Carbon Footprint
Recently, we have seen negative commentary around the carbon footprint of Bitcoin as published by Bloomberg News and also high profile companies such as Tesla no longer accepting Bitcoin as payment, citing environmental concerns, as reported by CNBC News.
One of the biggest headwinds the digital asset industry has faced is negative commentary and misinformation based on carbon emissions from the sector. The industry is led by people and organisations determined to have a positive impact on society and the negative headlines have triggered a lack of education and awareness of ESG conscious crypto businesses.
Leigh Travers, Binance Australia CEO
Binance Australia and Binance Charity are creating a positive impact as they raise money through cryptocurrencies and use the power of blockchain technology to track and distribute it to those who need it the most.
Australia’s ESG Boom
It has been reported that Australian super funds supporting ESG have boomed through 2021, outperforming those funds that haven’t yet committed to a “rigorous environmental, social and governance (ESG) framework”.
Further research by KPMG has revealed that investors are being swayed by the ESG ratings of companies, with those of higher ratings being preferred.
It is anticipated that ESG will be a big driver in business and society as we come together to create a brighter eco-friendly future for Australia and worldwide.
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