Massive payments Square maps out a climate initiative designed to reduce Bitcoin’s carbon footprint.
As part of its goal to become carbon neutral by 2030, Square has pledged $ 10 million toward its Bitcoin Clean Energy Investment Initiative, the company says in a press release. Under the initiative, Square will chart a path to its carbon targets with the support of Watershed, a climate advocacy organization that has helped companies like Shopify, TransferWise, and Stripe develop high-impact climate programs using technology.
The company’s Bitcoin Clean Energy Initiative aims to help fund companies working towards developing renewable energy systems in the Bitcoin mining industry. In addition, Square plans to reduce its own carbon emissions by switching to clean energy to power its operations.
Square CEO Jack Dorsey says Bitcoin Clean Energy Initiative could also help accelerate the adoption of renewable energy crypto globally.
“We believe that cryptocurrency will eventually be completely powered by clean power, removing its carbon footprint and driving global adoption of renewable energy. Published estimates show that bitcoin is already using a significant amount of clean energy, and we hope Square’s investment initiative will accelerate this transition to renewable energy. “
Square’s net-zero carbon commitment is aimed at mitigating climate issues affecting already vulnerable communities, said Square’s chief financial officer Amrita Ahuja.
“Committing to being a net-zero carbon contributor is consistent with our economic empowerment purpose, as we will continue to work for our customers without contributing to longer-term climate issues. In the long run, endangering the environment will disproportionately risk underfunded communities around the world. ”
Researchers say the Bitcoin network consumes more energy than Switzerland, and a 2019 study by crypto investment firm CoinShares found that 74% of Bitcoin mining operations are powered by renewable energy.
Square is expected to introduce Bitcoin Clean Energy Initiative in the first quarter of 2021.
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