Parliamentary Search

Written question asked by Lord Mendelsohn (Labour) on Monday, 7 June 2021, in the House of Lords. It was due for an answer on Monday, 21 June 2021. It was answered by Lord Agnew of Oulton (Conservative) on Wednesday, 16 June 2021 on behalf of the Treasury.

Bitcoin: Energy

Question

To ask Her Majesty's Government, further to the establishment of the Bitcoin Mining Council, what steps they will take (1) to encourage the use of renewable power and sustainable Bitcoin mining, and (2) to monitor the effectiveness of the Council.

Answer

The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.

The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.

In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.

The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.

Secondary information

Type
Written question
Reference
HL787
Session
2021-22
Grouped for answer
Yes
Subjects
Energy Bitcoin
Link
View this Written question on www.parliament.uk