A London-based money manager has just attached an ESG label to a Bitcoin exchange-traded fund, in a move that has environmental experts doing a double take.
Jacobi Asset Management says its Jacobi FT Wilshire Bitcoin ETF is an Article 8 fund, which under EU regulations means it has to “promote” ESG. It’s the latest addition to the Article 8 fund category, which Bloomberg Intelligence estimates now covers about $6 trillion of assets across an ever wider array of financial products.
There are few undertakings that are as energy intensive as mining for Bitcoin. The computing power needed to extract units of the cryptocurrency is estimated to use up about 140 terawatt-hours a year, which is roughly what the nation of Norway generated in 2022. “Buying a REC doesn’t represent any real-world relationship between digital assets and renewable power,” he said in an emailed reply to questions.
Bednall says he’s aware of criticisms of market instruments used to mitigate carbon emissions, and that Jacobi opted for RECs after looking into the available options.
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