Key Takeaways
- • Greenpeace USA publicly criticized BlackRock's proposed Bitcoin exchange-traded fund (ETF) on June 30, 2023, arguing it accelerates Bitcoin's climate impact.
- • Greenpeace USA's forthcoming analysis identifies BlackRock as one of Bitcoin's biggest backers among major banks and asset managers in the financial services industry.
- • Greenpeace cites BlackRock's investments in Bitcoin mining as a source of concern over carbon emissions, environmental degradation, and community impacts.
- • Greenpeace USA is calling on BlackRock to take meaningful action, including a meeting to address Bitcoin's climate impacts.
Summary
Greenpeace USA has criticized BlackRock's proposed Bitcoin exchange-traded fund, according to a press release dated June 30, 2023 from Washington, DC. Joshua Archer, Greenpeace USA's Bitcoin Project Lead, said the proposed product fans the flames of the climate crisis and that BlackRock is "actively promoting Bitcoin as a mainstream investment" rather than engaging with the cryptocurrency's environmental record. Archer argued that the move "is accelerating the clock on the Bitcoin carbon time bomb by driving up its exchange value." He pointed to recent heat waves in the southwest and wildfire smoke across the country as context for the urgency of climate action.
An forthcoming Greenpeace USA analysis of major banks and asset managers identifies BlackRock as one of Bitcoin's biggest backers in the financial services industry. According to the organization, the asset manager is a leading investor in the Bitcoin mining industry and promotes Bitcoin adoption through its investment products and services. Greenpeace contends that the energy-intensive nature of Bitcoin mining, combined with BlackRock's sector investments, raises serious concerns about environmental degradation, carbon emissions, and community impacts.
Greenpeace USA urges BlackRock and its industry peers to engage in efforts to reduce the environmental footprint of Bitcoin, and continues to call on the firm to take meaningful action, including a meeting to address Bitcoin's climate impacts. The source material does not include a response from BlackRock, and specific figures on mining investments or the proposed ETF's terms were not disclosed in the release.
An forthcoming Greenpeace USA analysis of major banks and asset managers identifies BlackRock as one of Bitcoin's biggest backers in the financial services industry. According to the organization, the asset manager is a leading investor in the Bitcoin mining industry and promotes Bitcoin adoption through its investment products and services. Greenpeace contends that the energy-intensive nature of Bitcoin mining, combined with BlackRock's sector investments, raises serious concerns about environmental degradation, carbon emissions, and community impacts.
Greenpeace USA urges BlackRock and its industry peers to engage in efforts to reduce the environmental footprint of Bitcoin, and continues to call on the firm to take meaningful action, including a meeting to address Bitcoin's climate impacts. The source material does not include a response from BlackRock, and specific figures on mining investments or the proposed ETF's terms were not disclosed in the release.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.