Payments platform Square announced on Tuesday its plans to become net-zero carbon for operations by 2030, including its primary Scope 3 emissions. The company furthe revealed the launch of its Bitcoin Clean Energy Investment Initiative, where it has committed $10 million to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem.
Square further stated it has partnered with Watershed, a company that powers climate programs for leading businesses, to provide ongoing support in measuring and reducing its carbon footprint.
“Square has mapped out a path towards a net zero carbon target through a combination of lowering its own carbon footprint in conjunction with scaling a verified carbon removal portfolio, which Square intends to launch in the first quarter of 2021.”
While sharing more details about the plans, Square CFO, Amrita Ahuja, explained:
“Committing to be a net zero carbon contributor is consistent with our purpose of economic empowerment, as we’ll continue to work for our customers without contributing to longer-term climate issues. Endangering the environment will ultimately disproportionately endanger underserved communities around the world.”
Square Co-Founder and CEO, Jack Dorsey, went on to add:
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally. Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”