Amazon says its carbon footprint grew 19% last year
Last Updated: Jul 01, 2021, 01:25 PM IST
Amazon said Wednesday that its carbon footprint grew 19% last year as it rushed to deliver a surge of online orders during the pandemic.
The online shopping behemoth said activities tied to its businesses emitted 60.64 million metric tons of carbon dioxide last year - the equivalent of burning through 140 million barrels of oil. Amazon's carbon footprint has risen every year since 2018, when it first disclosed its carbon footprint, something employees had pushed the company to do.
The Seattle-based company said that, while its carbon footprint grew, the amount of carbon it emitted for every dollar spent on the site fell 16% in 2020
But the increase in its total carbon footprint shows how hard it is for a fast-growing company like Amazon to cut down on pollution.
The company has been buying up solar energy, making its gadgets out of recycled plastic and even renamed a Seattle hockey arena after its climate-change initiative.
However, Amazon depends on fuel-burning planes and trucks to ship billions of items around the world. In fact, it announced earlier this year that it would buy 11 jets to get packages to shoppers faster. Amazon's emissions from fossil fuels soared 69% last year.
There was some improvement. Because more people stayed home and ordered online during the pandemic, the emissions from shoppers' drives to Amazon's grocer Whole Foods and its other physical stores fell 32%, the company said.
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Not sure about investing in Bitcoin? Here’s what can help you understand it better.
last updated; July, 1st, 2021, 5:55pm
The cryptocurrency market has been witnessing a bear run over the past month. Bitcoin plunged by nearly 50% from its all-time high of ₹46 lakhs in three months. The dip has left investors split into two - some rushing to sell off to save losses and others who faithfully hold their stake with hope for the future. Despite the huge fall in Bitcoin and other leading cryptocurrencies, things are not bad in the cryptocurrency market.
According to crypto analytics site Glassnode, holders and institutional players are using this opportunity to double down their investment in Bitcoin, which showcases their belief in the asset class. In addition, retail investors are taking advantage of the dip to - India based cryptocurrency exchange CoinSwitch Kuber that grew by nearly 4.5 million new users during the descent.
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WHAT CAUSED THE BITCOIN DIP?
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There are various reasons for the recent Bitcoin price drop. Some of the primary reasons are:
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Environmental sustainability: Tesla's CEO Elon Musk, who until recently was a big supporter of Bitcoin, refused to accept Bitcoin as payment for Tesla, citing its high carbon footprint and the high amount of energy that the mining process consumes.
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Regulation in China: China's brutal crackdown on crypto trading and mining acted as a significant catalyst for for Bitcoin's slip. It pulled the currency to its lower end of below $30,000 for a brief period.
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Concerns about US regulation: The US treasury's announcement to bring tougher reforms against cryptocurrency tax evasion and the Fed's hinting of increased regulation in the space got Bitcoin frizzling down.
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However, the largest cryptocurrency managed to rebound and rose over $35,000 in the past couple of days. Other cryptocurrencies such as Ethereum, Dogecoin etc., are also witnessing a slight push in their value after a significant crash.
Where is Bitcoin headed in the long run?
The recent uncertainty lurking in the cryptocurrency market was triggered by a series of unfortunate events such as Elon Musk's tweets, China's ban on cryptocurrency, etc. However, it is noteworthy that Bitcoin had managed to raise over 600% in nearly six months in the previous bull run. Thus, while a 50% dip in value may seem highly dramatic, we should also consider that Bitcoin is still trading 300% higher than its value last year and 30% higher than the start of 2021. Analysts predict that there are chances for Bitcoin's value to drop further.
Here's what the bulls of the crypto market think of Bitcoin long term perspective:
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Bitcoin has gone mainstream
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Now more than ever, Bitcoin has been widely adopted as a mainstream asset across the globe. It is bought and sold by millions of people in different countries, including India. Major retail players such as Starbucks, Amazon, Expedia etc., are accepting payments in Bitcoin through third-party apps.
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Recently, El Salvador, a South American country, announced that it would use Bitcoin as its official currency going forward. It is the first country to adopt Bitcoin for all payments. Additionally, over seven countries are underway into making it their official currency. While India is nowhere near accepting Bitcoin as a legal tender, the RBI came forward to clear the air around cryptocurrencies. It issued a fresh circular explicitly specifying that the old circular (regarding the previously imposed ban) does not stand valid since March 2020. The RBI suggested that banks carry on their dealings in cryptocurrencies as they would under existing regulations.
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The influx of institutional investments
Big institutions like MicroStrategy, Square Inc, Tesla etc., already hold a certain percentage of their assets in Bitcoin. Recently, Michael Saylor, the CEO of MicroStrategy, announced the buying of 13,005 bitcoins for $489 million
in cash. The company now holds more than 1,005,000 bitcoins acquired at a total cost of $2.74 billion.
Also, institutions like Morgan Stanley and Goldman Sachs plan to launch crypto funds for their customers
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Bitcoin is a hedge against rising inflation
Some argue that the limit in Bitcoins supply cap makes it a safe hedge against the rising inflation of the global economy.
The plunge in the market isn't a new phenomenon. Bitcoin’s value has been through many ups and downs over the past 12 years. So, investors must be prepared for the price swings before entering the crypto market.
Here are a few things to ask yourself before investing in Bitcoin
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Are you investing the money that you can afford to lose? - As a result of Bitcoin's high volatility, there are ample opportunities to earn good profits. At the same time, the volatility could pose an increased risk. Ask yourself if you can bear the risk. It is easier to handle risk if you invest with the money you can live comfortably without. Make sure not to take money from your emergency or retirement funds. However, investing even a tiny amount into Bitcoin has proven to be effective in building wealth.
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Are you here to make quick money? - Bitcoin is neither a get rich quick scheme nor does it claim to make you rich overnight. Therefore, take your time to understand the currency and the logic behind it. Then decide whether you are comfortable holding it for the long term.
For a new investor, it could be challenging to time the market and buy the dip at the currencies lowest price. To enable investors to make the most of the market, platforms like CoinSwitch Kuber offer features like limit orders. However, if you have already done your research and are enthusiastic about investing/trading in Bitcoin, then this might be a good time.
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Stock futures are little changed as S&P 500 and Nasdaq sit at a record
U.S. stock futures were steady in early morning trading on Monday as investors readied for the final trading days of August.
Dow futures rose just 10 points. S&P 500 futures were little changed and Nasdaq 100 futures traded above the flatline.
Stocks could stay range-bound until the release of August’s jobs report on Friday. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%.
Monday and Tuesday mark the last two trading days of August. Thus far, the S&P 500 is up 2.6% in August. The Dow Jones Industrial Average and the Nasdaq Composite rose 1.5% and 3.1% this month, respectively.
The S&P 500 and the Nasdaq Composite closed at all-time highs on Friday as investors breathed a sigh of relief after Federal Reserve Chair Jerome Powell signaled bond tapering could start this year, but the central bank is in no rush to hike interest rates.
Powell said inflation is solidly around the central bank’s 2% target rate, one of the goals of the Fed’s dual mandate; however, the Fed chairman also explained why he continues to think the current inflation rise is transitory and will eventually drop to the target level.