A bill was proposed in Rhode Island’s House of Representatives that would credit a house builder in a “green coin” cryptocurrency for reducing the project’s carbon footprint.

The Green Housing Public-Private Partnership Act would oblige the state’s public utility commission to issue annual reports on the utility costs and carbon emissions of a housing project. If the project has been able to reduce its utility costs, the state will award a cryptocurrency credit to the property owner.

“Any reduction 24 amount of utility costs attributable to any housing construction project pursuant to this chapter shall 25 be assigned a credit amount which credit shall be eligible for redemption in a byway of cryptocurrency in the form of a green coin.”

Funds for the initiative would come from $500 million in donations from local private banks and $125 million from the state which would be known as the “Green Housing Fund.”

It is not clear what blockchain network the “green coin” would use, but it would likely be a less costly proof-of-stake (PoS) network favored by mainstream environmentalists these days.

The Green Housing Public-Private Partnership Act in Rhode Island

The bill is designed to tackle both the sudden spike in housing demand in the Ocean State and to further incentivize home builders to stay in compliance with environmental standards. The proposal states: 

“Immediate action to develop housing using green site standards is imperative to ensure 3 compliance with the goals established by the Act on Climate.”

The newly proposed bill is meant to stimulate new…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.