In an official announcement, payments company Square have pledged to become a carbon-neutral company by 2030 with the introduction of their Bitcoin Clean Energy Investment Initiative.
Co-founded by Twitter CEO Jack Dorsey, Square’s commitment will see a $10 Million investment in innovative companies who efforts are focused on green solutions to drive the bitcoin ecosystem towards renewable, eco-sustainability.
In addition to this positive news, Square also announced a partnership today with climate change advocacy organisation Watershed which will act as a kind of mentorship towards reducing Square’s carbon footprint. Their collaborative effort is set to launch sometime in early 2021.
Dorsey commented “We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally."
He continued onto say that: “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.”
After releasing the news on their Twitter account, Square Crypto amusingly tweeted:
Square’s Cash App
Square have experienced substantial demand for their cryptocurrency platform this year, reporting a 600% increase in year on year Bitcoin retail sales in the company’s Q2 financial statement.
This resulted a purchase investment of $50 Million BTC in October to ensure their supply reserve in the market is sustained.
Crypto Champion
Square is an open and transparent company intent on building inclusive spaces for important conversations, as well as empowering economic initiatives that foster the true values of cryptocurrency.
Government legislation, regulation and financial incentives will force companies operating in this market to evolve their energy sourcing model over the coming years to align with global mission statements on climate change.
It would be a disappointing paradox if a currency like Bitcoin inherently built for financial inclusion, resulted in the social displacement of portions of its community because of its high-energy environment impact.
This is why company’s like Square are critical to drive innovation in our market and ensure that cryptocurrency fulfils its potential as a transaction of value, but also as an economic model of sustainability for generations to come.
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