Square, Inc. plans to achieve net zero carbon operations by 2030

Square, Inc. plans to achieve net zero carbon operations by 2030

With various companies and industries struggling to control toxic GHG emissions from their operations, a recent measure undertaken by Square, Inc. would stand as a potential example for all those companies looking forward to having a net zero carbon footprint.

Reportedly, American financial services provider- Square Inc. has announced its plans of becoming net zero carbon for operations by 2030. In addition to this, the company has also declared revelation of its Bitcoin Clean Energy Investment Initiative, wherein it has devoted USD 10 million to aid businesses and companies that help drive deployment and efficiency of renewables within the crypto ecosystem.

Moreover, it has been reported that the advanced investment initiative would help companies operating in green energy technologies with bitcoin withdrawal while also laying immense focus on accelerating its conversion to clean power rather than only eliminating the carbon for the bitcoin that Square processes.

That said, the company also intends to reinvest its gains from the investment back into the initiative and is also currently exploring the possibilities of opening this initiative for participation by a consortium of similar businesses in an attempt to accentuate the impact.

In order to realize the plan, Square has established its partnership with Watershed to offer ongoing support in reducing as well as measuring its carbon footprint. In fact, Square has also charted out a pathway towards a net zero carbon via a blend of reducing its own carbon footprint in tandem with enhancing an authenticated carbon removal portfolio, which the company intends to launch in Q1 2021.

Speaking on the novel initiative, Amrita Ahuja, CFO at Square, Inc., cited that the company is relentlessly working towards pledging to be a zero carbon contributor and is further expected to be consistent with its work for customers without contributing to the long-term climate issues.

While on the other hand, Square Co-Founder and CEO- Jack Dorsey- stated that the company believes that cryptocurrency would eventually be powered totally by clean power, thus eradicating its carbon footprint and fueling adoption of renewable worldwide.

Source Credit: https://www.oaoa.com/news/business/square-inc-announces-plans-to-be-net-zero-carbon-for-operations-by-2030/article_646199df-0c5a-5d28-97da-01b246ee8da2.html