The European Commission's financial services directorate has put out to tender for a model-based approach to mitigating the environmental impact of crypto-assets.
The Commission is concerned about the negative environmental impact caused by excessive power consumption generated by the crypto industry.
"The increasing demand for crypto-assets and expansion of crypto-mining, including within the EU, could undermine EU's efforts to achieve its climate and sustainability goals, in line with the Paris Agreement," states the tender document. "The action aims at enhancing the EU capacity to assess and mitigate the impact of crypto-mining and develop specific sustainability standards."
The aim of the project is to develop a methodology to measure the climate and environmental impact of the consensus mechanisms used by crypto-assets and assess the feasibility of establishing environmental sustainability standards with a view to future financial legislative action.
The estimated total value of the tender is €800,00 over 13 months, with a closing date for applications of 10 November.