A bill has been proposed in Rhode Island’s House of Representatives that would offer crypto rewards to green home builders for working towards low carbon footprints.
As per the Green Housing Public-Private Partnership Act, the builders will have to submit the housing project’s utility costs and carbon emissions. These details should be reported annually to the state’s public utility commission.
If the project manages to lower its utility expenses, the state will give the property owner a crypto credit.
The donations of $500 million from local private banks and $125 million from the state would be used to fund the initiative, “Green Housing Fund”.
It is yet not clarified what blockchain network the Green Coin would use. However, it would likely be the relatively cheaper ‘PoS network’ which is favoured by environmentalists too.
The bill is introduced keeping in mind the sudden rise in housing demand in the Ocean State and also to further incentivize building environmentally compliant houses. It will also encourage builders to build LEED certified buildings.
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 introduced bill aims to encourage housing developments in the region suffering from housing shortage. The shortage is intensified by the increasing prices seen every year.
Environmental concerns in crypto operations have long been the serious subject for debates among crypto cynics. Recently, the New York State Assembly passed a bill that proposes a two-year ban on new crypto mining operations using energy-intensive proof-of-work(PoW) mechanisms.
