Mitigating cryptocurrencies' carbon footprint from a legal perspective - case of Lebanon

Abstract

Cryptocurrency is an emerging topic and bitcoin is witnessing a rising popularity throughout the world. Unfortunately, cryptocurrency presents a major downside from an environmental standpoint. Lebanon, in common to all the other countries, is also facing the recourse of a large number of its nationals to cryptocurrency, which could place it in a weak situation with respect to achieving its commitments under the Paris Agreement. The present thesis evaluates the existing evidence on the carbon footprint of cryptocurrencies in Lebanon and assesses the potential of various approaches including energy efficiency, renewable energy sources, and technological innovations to reduce their environmental impact. Through a review of existing literature, this thesis assesses the feasibility and applicability of each proposed solution from a legal stance. Finally, this thesis aims to provide policy recommendations to the Lebanese government on how best to reduce the carbon footprint of cryptocurrencies in the country, so that Lebanon could be able to offset the cryptocurrency carbon footprint and avoid worsening its situation from an environmental and climate change perspectives.