The global alternative investment firm has reached an agreement with MOSS Earth, which presents itself as the world’s largest environmental platform.
New York-based investment firm SkyBridge Capital is the latest name to join a growing list of companies pursuing a “green” profile. Led by Anthony Scaramucci, SkyBridge announced yesterday that it will offset the carbon emissions associated with its Bitcoin holdings after entering a partnership with environmental platform MOSS Earth.
SkyBridge’s goal is to reduce the amount of carbon in the atmosphere, and it has turned to carbon offsets as a practical way to meet that objective. The firm’s founder praised the approach, describing offsets as a reliable way to make the Bitcoin network greener. He also predicted that Bitcoin mining will eventually be powered entirely by renewable energy.
“We expect Bitcoin mining to be fully renewable by the end of the decade. In the meantime, carbon offsets represent an effective way to green the Bitcoin network and to facilitate adoption among ESG-conscious investors.”
MOSS Earth assisted by calculating the number of carbon credits required and facilitating the acquisition of MOSS carbon credit tokens tied to projects that aim to reduce atmospheric carbon. After purchasing and retiring the equivalent number of tokens, SkyBridge reduced its attributable carbon footprint by approximately 38,436 metric tons.
Carbon offsetting has become a popular strategy because it enables companies to reduce their net carbon footprint without immediately transforming operational energy sources. The partnership was enabled in part by One River, another crypto investment platform that has emphasized offsetting its own emissions.
Commenting on the agreement, MOSS CEO Luis Adaime praised SkyBridge for setting a precedent for other firms. He described the deal as one of the largest of its kind and expressed hope that it will encourage broader adoption of renewable energy in Bitcoin mining.
“SkyBridge’s initiative to offset greenhouse gas emissions associated with the Bitcoins held by its funds is […] a model for the investor community to follow.”
With this transaction, SkyBridge has effectively made the Bitcoins held by its funds carbon-neutral through the purchase and retirement of verified carbon credits.