Combating Carbon Emission and Poverty With Crypto
2 min read
Global non-profit organization Carbon Offsets to Alleviate Poverty (COTAP.org) has recently become the first carbon offset provider to accept all major cryptocurrencies.
COTAP joins more than 200 other nonprofits that partnered with The Giving Block to enable cryptocurrency donations and to make sure that they are tax-compliant, secure and automatically converted into cash.
Now, COTAP can use cryptocurrency donations as leverage for its high-quality, verified carbon offset programs in low-income countries. This creates a unique way to reduce carbon emissions while generating income for the poorer communities.
“Crypto is going to continue to grow explosively, so if we want to reduce its climate impact, we’re going to need a way to decarbonize it,” said Tim Whitley, Founder and CEO of COTAP. “Switching it to sustainable energy sources would be great, but will take time. Meanwhile, if you want to address the carbon footprint of the cryptocurrency you’re holding, or you want to use it to offset the carbon emissions of other activities, you now have that option. By donating just a fraction of one crypto coin, a donor can potentially counteract that coin’s emissions many times over.”
COTAP uses nature-based solutions — such as tree planting, agroforestry and forest protection — to mitigate carbon emissions. All of them are located in low-income areas, and are certified under Plan Vivo, the world’s longest-running voluntary standard for forest carbon.
The certification by Plan Vivo requires that the rural communities own their carbon offset projects, as well as receiving at least 60% of the carbon revenues.
Companies, large or small, and individuals all across the world can work with COTAP to offset as little as 1 metric tonne of carbon emissions. Individuals in the US are not required to pay capital gains tax on cryptocurrency used to make COTAP offsetting donations. They may also qualify for an income tax deduction, depending on their income level and if they itemize or not.
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