Jack Dorsey’s company also announced it was committing $10 million to its new Bitcoin Clean Energy Investment Initiative
US financial services company Square Inc. announced in a press release yesterday its commitment that by 2030 its operations will be carbon net zero. This will include its primary Scope 3 emissions, which covers emissions that are indirect, such as employee commuting, waste disposal and purchased goods and services.
To this end, Square has partnered with Watershed, a tech company that helps measure and reduce corporate carbon emissions and is already powering high-impact climate programs for businesses including Stripe and Shopify. With their help, Square plans to launch a verified carbon removal portfolio in the first quarter of 2021, while also reducing its own carbon footprint to reach its net zero carbon target.
Chief Financial Officer at Square, 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.”
In the same release, Square also announced it would be launching and committing $10 million to a Bitcoin Clean Energy Investment Initiative. As Square buys Bitcoin on behalf of its Cash App customers, the cryptocurrency makes up an important part of the company’s carbon footprint. The new initiative will support businesses that stimulate adoption and efficiency of renewables in the Bitcoin ecosystem, such as those developing green energy technologies in Bitcoin mining.
As well as driving carbon removal for the Bitcoin processed by Square, it is hoped the initiative will advance the whole Bitcoin sector’s transition to clean power. Any profits Square makes from the investment, they plan to reinvest in the initiative, while also considering the prospect of magnifying its effect by opening it up for participation by an alliance of companies with similar goals and values.
Co-founder and CEO of Square, Jack Dorsey, commented, “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.”
In early 2021, Square will release its Corporate Social Responsibility Report for the year of 2020.