In the modern age of technology, investors turned to cryptocurrency as the money of the future. However, though many believe that such currency is vital to building a sustainable future, experts are concerned about its impact on the environment and the global economy. The controversy around all kinds of cryptocurrency is now challenging financial trends while setting the course for a new financial era.
A tremendous waste of energy
Experts’ main concerns revolve around the amount of energy needed to procure a single cryptocurrency. Take Bitcoin for an example, this cryptocurrency is the first decentralized digital currency that can be exchanged directly without needing any bank transaction. It is also the reason behind the rising controversy. The Bitcoin network isn’t only worth trillions, but it also needs a staggering amount of energy.
Tim Berners-Lee, credited as the inventor of the World Wide Web, even described “Bitcoin mining” as “one of the most fundamentally pointless ways of using energy.” Bitcoin mining is the process of creating this currency. Since it doesn’t exist as physical objects, new coins are brought into circulation via using powerful computers to solve complex mathematical problems. However, in order to take place, the process needs a huge amount of energy. According to Digiconomist, which created what it calls a Bitcoin Energy Consumption Index, only one Bitcoin transaction is “equivalent to the carbon footprint of 735,121 Visa transactions or 55,280 hours of watching YouTube.” Thus, experts estimate that the bitcoin network is consuming more energy than several countries, including the Netherlands and Kazakhstan.
Furthermore, if we compare the Bitcoin network to a country, its annualized estimated carbon footprint would be equal to that of New Zealand, almost reaching 37 million tons of carbon dioxide. Even without producing any plastics or wastes, crypto mining is harming the environment on a staggering scale.
“As the resource intensity of running Bitcoin has increased over recent years, it has become a serious concern for its potential impact on health and climate,” Alex de Vries, a data scientist who put the index together, wrote in the journal Energy Research & Social Science.
A driver of sustainable development
Despite such findings, many still believe in the role of cryptocurrencies in empowering sustainable developments. The UN even argues that cryptocurrencies, along with their technology, can improve our stewardship of the environment. Unlike banks and other money transaction methods, crypto can provide a crystal-clear amount of transparency. This kind of currency relies on technology that is resistant to tampering and fraud. Therefore, in regions with weak institutions and high levels of corruption, crypto technology can provide a trusted record of transactions.
For example, the UN’s “The World Food Programme” reports that the blockchain is helping ensure the delivery of the money to those who need it most. This proved fruitful in Pakistan since beneficiaries are securely and quickly receiving the needed funding without the need of local banks.
Some experts can argue that cryptocurrency is blocking environmental degradation instead of enabling it. For example, the World Wide Fund for Nature (WWF) is using it to eliminate illegal fishing in the tuna industry. This CarbonX platform is turning reductions in greenhouse gas emissions into a cryptocurrency. Thus, it is providing manufacturers and consumers with a financial incentive to facilitate more sustainable choices.
Moreover, since information regarding greenhouse gas emissions is very lacking in many countries, Blockchain can monitor their progress in reducing their carbon footprint. Additionally, crypto can not only boast all kinds of investments contributing to slowing climate change, but it can also increase the take-up of renewable energy sources. Thus, blockchain has the ability to create energy markets for wind and solar energy sources, thus reducing the global dependence on fossil fuels.
Perhaps the biggest challenge standing in the way of cryptocurrency is finding low-energy solutions to fuel its process. However, many potent figures in this industry are looking for alternatives. The Ethereum Foundation, the organization behind the Ethereum cryptocurrency, is searching for a new method of verifying transactions. According to them, the switch will reduce the energy cost of each transaction by 99.95 percent
In addition, many important players, including the Energy Web Foundation, Rocky Mountain Institute, and the Alliance for Innovative Regulations, are pledging to turn the crypto industry into a carbon-free investment by 2030.
Editor At Surfertoday.com. (2021, May 20). Why cryptocurrency mining is an environmental disaster. Surfertoday. https://www.surfertoday.com/environment/why-cryptocurrency-mining-is-an-environmental-disasterLaurent. (2021). Bitcoin Is an Incredibly Dirty Business. Bloomberg. https://www.bloomberg.com/tosv2.html?vid=&uuid=3be15cf0-d776-11eb-a5f2-3746dc60957c&url=L29waW5pb24vYXJ0aWNsZXMvMjAyMS0wMS0yNi9pcy1iaXRjb2luLW1pbmluZy13b3J0aC10aGUtZW52aXJvbm1lbnRhbC1jb3N0Sorkin, A. R. (2021, March 9). Bitcoin’s Climate Change Impact Is Under Scrutiny. The New York Times. https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.htmlSustainability solution or climate calamity? The dangers and promise. (2021, June 23). UN News. https://news.un.org/en/story/2021/06/1094362
COP27 Climate Change Summit: Greenwashing Scam Imperilling Human Rights
COP27 Faced Major Criticism
Morally, politically and economically COP27 climate change summit has been coined as a greenwashing scam imperilling human rights.
The world watched Egypt closely as it hosted the 27th United Nations Conference on Climate Change (COP27) in Sharm El-Sheikh from the 8th-16th of November. More than 190 governments attended COP27 to attempt to solve some of the world’s most pressing environmental challenges.
Furthermore, Egypt hosting of COP27 sparked much controversy due to its abysmal human rights record. Additionally, COP27 faced heavy criticism due to some of the world’s top polluters, such as Coca-Cola sponsoring the event. Furthermore, attendees arrived in private jets; meat and dairy products remained on menus; dozens of domestic civil society organizations were excluded. Additionally, the summit was overshadowed by persistent calls to release up to 65,000 political prisoners in Egyptian prisons.
Worlds Top Polluter, Coca-Cola, Sponsored COP27
The UN climate conference announced a sponsorship deal with Coca-Cola, one of the “world’s top polluters”. Coca-Cola recently retained its title for the fourth year as the world’s top plastic polluter. The sponsorship deal is a greenwashing scam by campaigners, drawing intense criticism.
Coca-Cola produces 120 billion throwaway plastic bottles a year. 99% of plastics are made from fossil fuels, exacerbating the plastic and climate change crises.
Private Jets, Bottomless Cocktails and Beef Medallion Dishes
Surprisingly, attendees indulged in the very activities which got us into this mess in the first place. Moreover, world leaders flew to Egypt in private jets. Attendees enjoyed bottomless cocktails, one-hour unlimited wine and beer packages, $100 beef medallion dishes, and $50 seafood platters.
This begs the question: do these foods belong at a climate conference? We have missed the true purpose of the climate summit: to help save the planet.
Meat and Dairy On the Menu – Not on the Agenda
In the three-decade history of the UN Climate Summit, COP27 was the first UN summit to discuss the meat and dairy industry’s contribution to global greenhouse gas emissions.
COP27 faced massive criticism this year from climate activists due to the unsustainable meat and dairy items on its menus. It seems unimaginable that globally we are trying to reduce our meat and dairy consumption to save our planet. However, our governments cannot stop eating these foods at the world’s largest climate summit.
Cutting meat and dairy output are not yet on the agenda for governments at COP27. Many governments attending the summit give billions to livestock farmers in subsidies. Instead of focusing on plant-based diets, they are advancing policies to reduce greenhouse gas emissions using feed additives that make animals less gassy and technology that sucks up the methane wafting off manure heaps. Andy Reisinger, a farm emissions specialist and vice-chair of the UN’s IPCC climate panel, said feed additives could worsen emissions by promoting intensive farming.
Dozens of Domestic Civil Society Groups Excluded
Hundreds of prominent human rights defenders, researchers and environmentalists were exiled from Egypt. They were unable to attend Cop27 due to the nature of their work. Many voices from Egypt were absent at the conference due to the government’s corrupt attempts to exclude dozens of domestic civil society groups.
“Arrests and detention, NGO asset freezes and dissolutions and travel restrictions against human rights defenders have created a climate of fear for Egyptian civil society organisations to engage visibly at the COP27”
Additionally, COP27’s wifi blocked access to international human rights organizations such as Human Rights Watch, Amnesty International and other news websites needed during information talks. These prominent human rights organizations hosted talks at COP27 but could not access their sites due to previous work criticizing the Egyptian government. Egypt used this strategy to hide the nation’s decades-long record of cracking down on human rights.
65,000 Political Prisoners in Egyptian Prisons
Currently, there are an estimated 65,000 political prisoners inside Egyptian prisons. COP27 was overshadowed by persistent calls to release political prisoners.
A British-Egyptian detainee, Alaa Abd el-Fattah, was a significant focus in the media. As a leader of Egypt’s 2011 revolution, he has been in prison for the past decade. He started a partial hunger strike in April 2022 to protest his detention conditions. He spent the last six months consuming just 100 calories a day. A week before COP27 started, he stopped eating altogether. Then, on the day the summit began, he stopped drinking water. He has since resumed drinking water but remains critically ill.
COP27 Cracks Down On “Greenwashing”
Companies, banks, cities and states worldwide have continuously made broken promises to achieve net-zero emissions. These corporate climate pledges amount to little more than a greenwashing scam. Evading net zero claims is a common greenwashing strategy. Companies claim to be carbon-free due to strategies such as buying carbon credits while simultaneously pursuing new fossil fuel projects emitting greenhouse gases.
Greenwashing is when an organization spends more time and money marketing itself as environmentally friendly than minimizing its environmental impact. It’s a shady marketing gimmick that misleads consumers who prefer to buy environmentally friendly goods and services.
At COP27, the UN cracked down on greenwashing, laying down recommendations for how companies, financial institutions and cities must calculate their net zero emissions status. The new UN report aims to eliminate loopholes by laying out ten steps to bring integrity, transparency and accountability to net zero claims.
“I have a message to fossil fuel companies and their financial enablers. So-called ‘net-zero pledges’ that exclude core products and activities are poisoning our planet. They must thoroughly review their pledges and align them with this new guidance”.United Nations Secretary-General, António Guterres.
The UN cracked down on companies stating that they can’t claim to be net zero if they are not in line with targets set out by the Intergovernmental Panel on Climate Change (IPCC). These targets include cutting global carbon emissions by 45% by 2030. The UN limited short-term carbon offsets and held that they could only be used sparingly in the long term.
Historic Deal: Governments Must Pay Poor Nations for Climate Damage
Governments at COP27 approved a historic deal to create a fund for compensating developing nations that are victims of extreme weather events worsened by rich countries’ greenhouse gas emissions. However, many remained uncertain as countries argued over emission reduction efforts.
Moreover, this is a massive step for poorer countries bearing the brunt of climate change. These nations face extreme weather events such as floods, droughts, heat waves, and famines despite releasing the lowest greenhouse gas emissions. This historical “loss and damage” deal will provide financial assistance to developing nations stricken by climate disasters.
However, this loss and damage deal has several flaws. Some nations held that the pledges to limit global temperatures to below 1.5 degrees showed little progress compared to the COP26 conference in Glasgow in 2021. Furthermore, others criticized how the language and guidelines on phasing out fossil fuels were weak. Despite many different opinions between nations regarding the guidelines of this historic deal, it is still a vital step towards achieving climate justice.
Read more: Climate Refugees: Pain of Unseen Victims.
COP27 has faced significant criticism this year for many justifiable reasons. Many believe COP27 is a greenwashing scam failing humanity and the planet by not leading to significant changes. The UN climate summit is losing its credibility in being able to create meaningful change to save our planet.
World leaders and people in power continuously use high-profile gatherings like COP for attention and are greenwashing, lying and cheating their way through pledges and commitments. The UN Environment Programme released the Emissions Gap report stating that only an urgent system-wide transformation can deliver the enormous emissions cuts needed to stabilize global temperatures below 1.5 degrees by 2030.
World leaders consistently fail to fulfil their commitments and act on time. We cannot place trust in greenwashing scams like COP summits anymore. Instead, we need rapid, far-reaching, unprecedented changes in all aspects of society if we want to build a sustainable world for future generations.
Qatar FIFA 2022, A Civilized Model Of Islam
Qatar is the first country in the Middle East to host the FIFA World Cup 2022. This was after Qatar’s award hosting in December 2010. This is a tremendous opportunity for Qatar to represent Qatar FIFA 2022 as a civilized model of Islam. The country converted to Islam in the 7th century. Since winning the hosting, it has been constructing some of the most eco-friendly and architectural advanced sporting facilities ever seen. It is the kind of country that has the power to host the greatest show of FIFA ever on Earth.
First, Qatar has always drawn its strength from discovering oil, fishing, and pearl hunting. In addition, it is the world’s second-largest exporter of liquefied natural gas. Hosting the tournament presents tremendous opportunities for Qatar to prove itself as a powerful country. Significantly, Qatar has always been taking advantage of the tournament hosting to develop local Industries, expertise, and infrastructure. This was for Innovation and application of excellent standards and support of Qatar’s transition to a knowledge-based economy. This edition of the FIFA World Cup 2022 is being themed by Qatar on its culture, history, identity, and hospitability. As a result, efforts have made the event an unforgettable historical experience.(more…)
The Lebanese file: neither a president nor a government
Despite six presidential sessions, Lebanon still does not have a president.
The funny thing is, the government is also idle and the whole country is waiting for a miracle to get up again.
France is on the president line!
The head of the Free Patriotic Movement, Representative Gebran Bassil, is expected to visit Paris, which is expected to mark a remarkable development in the presidential file in Lebanon.
The meetings will aim to discuss the imminent presidential, governmental, and economic entitlements of all Lebanese stakeholders.
Based on Basil’s excellent relationship with Maronite Patriarch Bechara Al-Rahi and Hezbollah, the French hope to agree on a roadmap for the presidential elections.
Although the French side does not carry an integrated initiative, it sought to know the position of all parties regarding a list of candidates that includes about seven names.
Those connected to the French ambassador understand that her country still has the American mandate to manage the initiative about the presidential file and that Paris wants to reach an agreement with Saudi Arabia that facilitates the task because insisting on fighting harsh battles would prevent the election of a president soon.
President issue: Who does Hezbollah wants?
Hezbollah is reconsidering the local reality from a different angle than the one that preceded the election of President Aoun, as evidenced by Aoun’s recent paradox of reopening half-closed doors.
In contrast to Aoun, the party does not find any justification for repeating the vacuum for more than two years and tightening its internal domestic rams to deliver its candidate.
They are fully aware that choosing to unilaterally elect a president of the republic, and consequently, a government of one color and the presidency of the House of Representatives, means putting the country in direct conflict with the outside world. Everything that surrounds the internal reality is different from the previous stage, as is the position of the concerned countries.
While Hezbollah’s opponents are only mentioning Franjieh as president—or, at the very least, any candidate from the party’s second row—this does not imply that Hezbollah has abandoned its candidate or candidates.
The party assumes entering into early settlements, which means that the party receives its price both internally and externally.
This is because the party cannot bear the idea of losing its candidate and will not bear the idea of any settlement following a vacuum that results in challenges, conditions, and counter conditions.
An alternative situation is possible in addition to that. Except for the March 8 team, there is no president of the country.
Is the former minister Franjieh a serious candidate?
Former Minister Suleiman Franjieh was Hezbollah’s candidate.
Nasrallah’s remarks coincided with a fresh French attempt that started a few days ago to forge an agreement on choosing a new president before the year is up and included pledges to start aid programs for Lebanon, including the “Cedre” program.
The debate that the French began with the major parties in Lebanon is anticipated to be finished with Washington and Riyadh and is predicated on the premise that no one can impose a prime minister or president of the republic without a genuine agreement between the major forces.
Hezbollah claimed in 2016 that there was no Plan B for the nomination of General Michel Aoun, and it repeated that claim this time as well: the candidate is Franjieh, and there is a point on the line.
If the two allies cannot agree on a second candidate, there are dangers that no one has the luxury of incurring.
What does The Free Patriotic Movement says?
The Free Patriotic Movement was informed by Hezbollah that the results of naming places below the presidency of the Republic under the General Michel Aoun administration were not encouraging, as the residents of these sites turned against the people who named them to them.
There is a “term” that Hezbollah agreed to, though, which is that it will not attend the election session for the Marada Movement’s leader until he has Basil’s endorsement in his pocket.
The party’s desire to maintain and strengthen the agreement with the Free Patriotic Movement is the most crucial factor, and as a result, “the election of Suleiman will be with Gibran’s consent and not at his expense,” among other factors, including giving Franjieh Christian support that makes him a strong president.
So far, there has not been any serious president, and we are facing many sessions without a result.
Is Lebanon on a date with a long presidential debate, as happened before the election of former President Michel Aoun, or will we witness the election of a president before the New Year?
Featured3 years ago
The Unfortunate Correlation between Race and Covid 19
Featured2 years ago
Practical Ways to Fight Depression in Islam
Featured2 years ago
Forget About Terrorism, Have You Met Cybercrime?
Featured2 years ago
The Connection Between Muslim Prayers (Namaz/Salah) and Yoga Poses
Featured2 years ago
Protecting half the planet: a potential solution for climate change and endangered species
Featured2 years ago
Monsoon Floods: A Recurring Hazard
Featured2 years ago
NASA And SpaceX Collaborate On A Historic Mission
Featured2 years ago
The Islamic Art