Square Commits $10 Million to Bitcoin Clean Energy Initiative; Aims for Net-Zero Carbon by 2030
Square has launched a clean energy investment initiative to help make the “bitcoin supply chain greener.”
In its press release on Tuesday, the San Francisco-based company announced its plan to become net-zero carbon for operations by 2030. A verified carbon removal portfolio is expected to be launched in Q1 of 2021.
With this came the ‘Bitcoin Clean Energy Investment Initiative‘ to which Square is committing $10 million to support companies that “help drive adoption and efficiency of renewables within the bitcoin ecosystem.”
The new initiative will support companies working on green energy technologies within the bitcoin mining space and accelerate its transition to clean power. Any gains made from this investment will also be reinvested back into the initiative.
Twitter CEO Jack Dorsey is a Bitcoin proponent and his company Square, which has invested $50 million in BTC, purchases the largest cryptocurrency on behalf of its Cash App customers.
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally,” said Square co-founder and CEO Jack Dorsey.
At the end of October, as we reported, the New York Department of Financial Services (NYDFS) sent out a letter to banks and cryptocurrency businesses to pay attention to the financial risks associated with climate change and incorporate them into their business strategies. Dorsey said,
“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.”