European Commission proposes measures to address energy consumption by crypto-assets
On Tuesday, 18 October 2022, the European Commission (“the Commission”) published a communication setting out an EU Action Plan for Digitalising the Energy System. Amongst initiatives focussed on improving the functioning of the EU’s energy markets, such as the creation of a common European energy data space, improving strategic European coordination for energy markets, promoting investments in digital electricity infrastructure and enhancing consumer protection, as well as strengthening cybersecurity and resilience in the energy system, the Commission looks at addressing energy consumption of the ICT system. In this context, alongside measures addressed at data centres and cloud services, the Commission will consider energy consumption of crypto-assets.