- Square pledges $10 million to support a bitcoin clean energy investment initiative.
- The company plans to reinvest its gains back into the initiative.
- Moreover, Square partners with Watershed for net-zero carbon by 2030.
Bitcoin clean energy investment initiative
Square is one of the most successful and famous global San Francisco-based fintech firms. Notably, it invested $10 million in the new bitcoin clean energy investment initiative. Further, this initiative could support a greener bitcoin mining industry. In addition, it aims to accelerate utilizing clean energy instead of only removing bitcoin carbon.
Twitter CEO and Square Co-Founder Jack Dorsey said,
We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.
Dorsey further added that bitcoin already consumes a significant amount of clean energy. “We hope that Square’s investment initiative will accelerate this conversion to renewable energy,” he particularly pointed out.
Moreover, the company plans to reinvest its gains from the investment back into the initiative. Nevertheless, they are exploring the possibility of starting this initiative for participation of a consortium of like-minded industries to amplify the impact.
Square partners with Watershed for net-zero carbon by 2030
Square teamed up with Watershed, a company that powers climate programs for world-class businesses. Even more, it plans to become net-zero on carbon for operation by 2030. Additionally, they intend to launch a verified carbon removal file alongside the goal of lowering its own carbon footprint in Q1 2021.
Square Chief Financial Officer Amrita Ahuja said,
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.
Recently, Square bought 4,709 bitcoins which are worth about $50 million. Furthermore, the company decided to issue a full-year 2020 Corporate Social Responsibility Report in early 2021.