Zumo Zero: our net zero strategy

Our journey to net zero by 2030

Our commitment

At Zumo, we are committed to an extremely ambitious target of net zero by 2030.

Scientists agree it is ‘unequivocal’ that warming of the planet has occurred due to human influence. We’re in a climate crisis, and we all have a responsibility to take action to reduce global heating as much as possible. 

Zumo Zero, our three-pillar net zero strategy, encompasses not only our own carbon footprint, but the carbon footprint of the blockchains we work with and the wider ecosystem too.

Our three pillars

Zumo the company

Ever since we were founded, we’ve committed to being climate neutral for our Scope 1, 2 and 3 emissions.

  • This includes business travel, staff commuting, teleworking, purchased goods and services, capital goods, and downloading and use of the Zumo App.
  • We will achieve this by avoiding emissions where possible, reducing the remaining emissions as far as possible, and offsetting any residual emissions using a certified scheme.

Zumo and the blockchain

We will develop ways to engage our users, address the indirect emissions of our crypto holdings, and strategically align ourselves with blockchains that have lower energy use by design.

  • We’ve identified and will continue to investigate the best ways to neutralise the carbon footprint of crypto holdings and transactions (see below for further details of Zero Hero, our pilot BTC renewable energy project).
  • We will look to connect more energy-efficient and sustainable blockchains with the Zumo app.
  • We will inform and engage our customers relating to the electricity usage of blockchains (see our Decarbonising Crypto page for further information about our work in this area).
  • We will include key targets and metrics in this area as the strategy develops.

Zumo and the wider ecosystem

Zumo is a signatory to both the Race to Zero’s SME Climate Commitment and the Crypto Climate Accord. We are actively engaged in supporting the Crypto Climate Accord, and we commit to working with industry partners to engage in knowledge sharing and help drive down the carbon footprint of our industry.
As a signatory of the SME Climate Commitment, we commit:
  • To halve our greenhouse gas emissions before 2030;
  • To achieve net zero emissions before 2050 (Zumo’s own ambition is to achieve this by 2030); and
  • To disclose our progress on a yearly basis.
As a signatory of the Crypto Climate Accord, we commit:
  • To achieve net-zero emissions from electricity consumption associated with crypto-related operations by 2030; and
  • To report progress toward this net-zero emissions target using best industry practices.

Calling all Zero Heroes

Help us protect the planet, together

When it comes to crypto, we don’t believe progress should come at the cost of the planet.

We need your help to build a more sustainable, more inclusive world. And we’re excited to bring you the green alternatives and sustainable choices that allow you to participate in a new economy - and look after our Earth.

Net zero’s a big target, but it’s one we can all achieve, together.

Help us make you a Zero Hero.

Zumo | Net Zero Strategy

Introducing the Zero Hero

Make no mistake, achieving net zero is a huge task - one that requires us to pull together like never before on an individual, institutional and systemic level to effect transformational change.

Even so, every day we all have choices to make - all sorts of little things we can do to play our part in creating a future that’s that little bit greener.

Some of us shop local. Hop on the bike. Switch to that green energy tariff.

It’s the daily choices - made consistently - that together add up to something big.

Now with Zero Hero, you can make the greener choice for your crypto finances as well.

For the next three months of our Zero Hero pilot project, whenever you buy Bitcoin in the Zumo app, you can be sure that any electricity consumption linked with creating that Bitcoin is compensated via verified Renewable Energy Certificates - transparently and permanently recorded on the blockchain - that prove your Bitcoin is powered by 100% clean energy.

Our Zero Heroes know that not only have their Bitcoin holdings been decarbonised, they’re supporting and incentivizing renewable energy generation in some of the most fossil fuel dependent areas of the world, too.

Why this pilot?

A new economy is emerging, one that’s borderless, inclusive, global. We believe crypto will help generations regain control over their financial futures, as well as the future of our planet. As crypto develops and matures at unparalleled pace, we have the perfect opportunity to ensure we develop products and behaviours that will help the future of the planet.

With this solution, we’re leveraging the power of blockchain technology to deliver actionable applications for a better, greener tomorrow.

How will we be doing it?

Zumo will be using Zero - a blockchain-based technology from Energy Web, one of the three founding organisations of the Crypto Climate Accord - to purchase and verify 100% renewable energy certificates for all Bitcoin purchases on the Zumo app.

Providing you, our Zero Heroes, with a greener alternative to buy Bitcoin, we have researched a methodology that calculates the average amount of electricity required to produce one BTC since the first block in 2009, using this figure to calculate the electricity consumption attributable to all BTC purchased on the Zumo app.

This will then be used to purchase 100% renewable electricity equivalent to the electricity consumption of each BTC purchased via the Zumo app (for the first three months, this applies only to BTC purchased on the Zumo app, and not BTC transferred in from other wallets).

The renewable energy certificates will be procured from selected projects in areas of the world heavily dependent on fossil fuels, boosting these communities and incentivising renewable energy generation in these regions.

To learn more about our methodology, you can read our foundational ‘state of play’ paper here, a comprehensive review of crypto and its current climate impact. Zumo will be publishing further information on our methodology at the end of this project, and we will be making it freely available to others in the sector.

Will you join us as a Zero Hero?

FAQs

How does the Zero Hero project work?
How do I become a Zero Hero?
How does that work when the
electricity used to mine the
bitcoin may not have
been renewable?
How does Zumo calculate the
electricity consumption per BTC?
For a 3-month period until February 2022, Zumo will purchase 100% renewable electricity to compensate for the electricity used to mine the BTC purchased on the Zumo app. We will do this by purchasing Renewable Energy Certificates.

Our methodology for this is described in the FAQs below. At the end of the pilot, we’ll assess our methodology and our progress, and share our findings with you. From there, we’ll continue to work to decarbonise Zumo’s usage of the BTC network, and we’ll always be transparent with you about the way that we do this.
If you purchase BTC on our app before February 2022, Zumo will purchase renewable electricity to compensate for the electricity used to mine your bitcoin.

Using verified Renewable Energy Certificates to document this allows us to say with confidence that we have purchased 100% renewable electricity to compensate for our calculated BTC electricity consumption.
The use of Renewable Energy Certificates (of which I-REC is one) is a tightly regulated area and can be used to verifiably claim 100% renewable electricity use whatever the energy mix of the original Bitcoin mining process.

Here, the I-REC Standard provides a reliable and recognised mechanism that ensures all renewable energy certificates are in adherence with major international sustainability standards including the GHGP, CDP, RE100, ISO and others.

For further information, please see the I-REC website.

Zumo calculates the electricity consumption per BTC using publicly available average electricity consumption data for the period since the first bitcoin was mined in 2009 – we provide more information on this methodology in our ‘State of Play’ report here.

We are working with the Crypto Climate Accord to ensure this methodology is available to others in the sector and encourage feedback. This method was chosen as we have no way of knowing when a particular bitcoin was mined, therefore an average is appropriate.

There are other methodologies, such as the Green Bitcoin Project, which use the electricity consumption of mining today. Likewise, these methodologies are discussed in further depth in our ‘State of Play’ report.

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