FTX Foundation launches “Climate Plan”: FTX is now fully carbon neutral

We are happy to announce the official launch of the “FTX Climate” program!

The purpose of the FTX Foundation is to live in a world where everyone has equal opportunities. Unfortunately, climate change poses a major threat to this ideal now and in the future. Everyone is concerned about climate change issues for different reasons, so we are very happy to do our part.

The core concept of FTX Climate:

1. Climate change will affect everyone, and we all need to care about this issue;

2. The group of people affected by climate change is countless future generations. This generation is currently unable to speak up on this issue, and they are also the group of people least responsible for this;

3. This is a problem that can be solved, and the biggest solution will not be achieved through personal sacrifice.

First, it is very important that we do not see ourselves as a leading authority on the environment or climate change. We have this idea in our hearts, and while implementing this plan, we have received and hope to continue to receive many expert suggestions, for which we are deeply grateful. As new information comes in, our plans will continue to be released.

Having the resources to start this kind of plan is a unique opportunity, and there is no limitation of ordinary companies. We do not have large manufacturing plants, large-scale global cargo carbon emissions, supply chains to be reviewed, or any other standard internal processes that companies would normally initiate. This allows us to broaden our horizons and find the most influential actions in the world, regardless of region or method.

The main thrust of the plan is to focus on the most influential solutions. The changes required for this policy are huge, and arguing about what straws are used to drink iced coffee does not achieve our goal.

Our preliminary plan includes:

1. Carry out our commitment to achieve carbon neutrality this year ;

2. We believe that funding can generate far-reaching research ;

3. Support carbon removal solutions and help them accelerate their growth;

4.  Special projects .

Carbon neutral

On the surface, FTX will not have a direct impact on global climate change. We have no factories or global freight, no supply chain or physical products. We only rent a few small offices around the world and also operate online.

However, we do operate in the cryptocurrency industry. In this industry, a large amount of energy is used for main blockchain mining. We understand the reasons behind this and the benefits that Bitcoin brings to the world. But the energy and environmental costs used to protect the Bitcoin network can be decoupled. We look forward to seeing future mining rely on better sources of electricity without sacrificing security.

Our plan was initially inspired by SBF’s Twitter posts, and later updated on the FTX official account.

Whether it is for the direct benefits created by cryptocurrency or to set a precedent for other exchanges and companies in the field, we have decided to take the energy used for mining into consideration in our carbon neutrality goal.

The estimation of this is very important: mining is decentralized; no one knows exactly how much electricity is produced by each type of energy; there is no principled system that attributes the responsibility for mining-related pollution to a certain sending request. Company. Even if everything is very clear, the cryptocurrency ecosystem is dynamic and the situation may change drastically every month.

According to our current estimates, the mining environment costs that we must be responsible for are regarded as USD 1 million. And we did: through BurnStoves and Pachama, we bought a total of 100,000 tons of carbon offset at a price of US$1,016,000.

Research and policy

When we launched the FTX climate plan, we were happy to see how many smart and enthusiastic people are working in this field. There are plenty of free resources to learn about almost anything about the environment or climate change. When deciding where to start this plan, we often see billions of dollars pouring into the headlines of climate change, but we also notice that many organizations have limited funding. We believe that the work done by these organizations can bring about significant changes, and it will have a much better effect than spending money directly on this issue.

Giving Green

We have found that in a world of climate change, it is very easy to find information about current events and problems, but it is difficult to find reasonable advice on the best way to help. We cannot find clear suggestions or convincing arguments to guide the most effective donation office for the general public, or for medium-sized foundations like ours. We cannot find the perfect organization like GiveWell to recommend and persuade us where to allocate funds.

We have donated $100,000 to Giving Green to help it grow into a solution to this problem. Giving Green is incubated by ID Insights and is a small team of very motivated individuals who try to investigate and recommend that your money can do the best for the environment. Sites like GiveWell have helped spend hundreds of millions of dollars on great places, and we are looking forward to seeing Giving Green play a role in climate change.

Amount: USD 100,000

Status: Paid

CarbonPlan

CarbonPlan is a group of experts who specialize in environmental science, law and policy. Not only did they assist companies such as Stripe and Microsoft in conducting public climate plan reviews, they also found that California’s carbon offset program had $400 million in excess credits, and they have been publishing free information and tools to help people like us address carbon-related issues. Think from the perspective of an expert. We are excited about the work they are doing and believe that providing information to decision makers and people like us can have a huge impact. It is recommended to find out more details through the tools on their website: https://carbonplan.org/research

We are also very happy to see that they are committed to providing services to the public for free. This kind of public goods is extremely valuable, and we are happy to do our part to help.

Amount: 200,000 USD

Status: Paid

Good Food Institute

Although most discussions of climate change focus on energy, the total amount of greenhouse gases produced by food production accounts for about 18% each year. This includes deforestation, the release of large amounts of methane into the atmosphere, and a full-scale challenge as the world’s population and wealth increase. In addition, it is very likely that antibiotic resistance will actually develop, which will have a terrible impact on modern medicine.

We believe that there is a lot of important work to be done in this regard, and believe that GFI can play a role in large-scale reforms. As an integration hub, GFI accelerates the application of animal substitutes through research, policy proposals, community initiatives, and support for fair competition policies.

Food and personal are closely related to culture, and we are happy to see that GFI strives to improve the quality of different choices, rather than opposing people’s choices. If their work is successfully completed, the flavor and price of meat substitutes will be similar to existing meat products, and people will be able to freely choose meals that replace animal products.

Amount: USD 250,000

Status: Paid

Honnold Foundation

The following are the Ceibo alliance partnerships currently underway by the Honnold Foundation, as well as some pictures from the Ecuadorian Amazon.

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Amazon

We are pleased to announce our partnership with the Honnold Foundation to make a multi-year commitment to Amazon and the people living in it.

The Honnold Foundation was founded by Alex Honnold about 10 years ago to provide solar energy to those who need it most. Under the situation of urgent need, the FTX climate plan does not believe that the solution of the detour can bring the required changes, so we are very happy to hear that Alex shared similar views in the previous interview discussing the foundation. He described in detail that he saw people all over the world experience similar needs, so it is unreasonable for us to expect them to sacrifice their rights, especially rich countries will not make similar sacrifices.

When discussing their work with foundation directors Dory and Kate, we were very happy to see the factors they considered in their selection and execution. Obviously, we are very concerned and respectful of the communities we work with, so we think we can trust these projects executed by them.

We promise to provide 250,000 USD:

Get 50,000 USD immediately to cover the funding required for its Ceibo affiliate program.

In 2022, another US$100,000 will be invested to sponsor all funds for a new solar project in Amazon.

In 2023, another US$100,000 will be invested to sponsor all funds for Amazon’s second solar project.

Carbon removal

In the past 10 years, renewable energy has developed rapidly. For any buyer who is worried about the cost, solar energy has gone from an unreasonable price several times higher than normal energy, and now it is almost the cheapest energy source. Renewable energy has been well developed, and even in many areas, the cost of keeping coal-fired power plants in operation is higher than building a new source of renewable energy.

These are all developments that excite us, because it means making choices that are more beneficial to the planet without sacrificing. This is the trigger point for the implementation of large-scale systemic solutions, and it is also the moment when the burden of proving the rationality of the choice is shifted from the environmental protection side to the opponent side.

We believe that an emerging area that can play an important role in addressing climate change is permanent carbon removal. Just as we have extracted and released carbon from the ground in the past 200 years, the ability to capture and store carbon is expected to play an important role in mitigating or even reversing climate change. However, there is currently no solution to do this globally or at a feasible cost.

We pledge to invest USD 1,000,000 for permanent carbon capture and storage.

We are still exploring the best options and discussing performance with top companies in the field, but we will invest $1 million in this. Permanent capture and storage are currently 50-100 times more expensive than traditional carbon offsets, and often several times more expensive than the most aggressive carbon taxes. We expect that costs and performance will change dramatically in the next 10 years, and we hope that this million dollars will help to make it a global solution.

If you are interested in this field, I strongly recommend reading this free online CDR introduction

If you work for a company that is solving this problem, please contact climate@ftx.com and we would be happy to hear from you.

Learning resources for further understanding of climate change

If you want to learn more about climate-related topics, here are some of our favorite resources:

Carbon Brief

This is a great website that provides all the topics and news related to climate. Although there is carbon in the name, it actually contains parts of climate science, energy, and policy.

news 

All major news media now have climate thematic sections. These are usually well done, and most of them have excellent graphic teams, which can be happily read when you don’t want to delve into the subject.

For example: “New York Times” climate topic, “Washington Post” climate topic

Podcast show

How To Save The Planet is a great podcast program that can absorb information on climate topics. It is recommended to start with the episode “Is Your carbon Footprint BS?” (Is Your carbon Footprint BS?), which is a good example.

My Climate Journey is also a great podcast, worth listening to. The host is a climate-conscious venture investor, and he interviewed all kinds of people. Don’t be fooled by the name, because most episodes have nothing to do with their climate travel.

books

It depends on what you are interested in, but it is worth starting with the following books:

Bren Smith《Eat Like A Fish》

Leah Stokes《Short Circuiting Policy》

There is also Saul Griffith’s “Electrify Everything” which hasn’t come out yet but we are looking forward to it.

We expect that FTX Climate will spend at least US$1 million per year. So far this year, we have spent US$1,616,000, and another US$1,200,000 have been spent on long-term climate and environmental initiatives.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ftx-foundation-launches-climate-plan-ftx-is-now-fully-carbon-neutral/
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