Square, Inc. Announces Plans to Be Net Zero Carbon for Operations by 2030
08 Dicembre 2020 - 3:00PM
Business Wire
The company will also launch a clean energy
investment initiative to help make the bitcoin supply chain
greener
Square, Inc. (NYSE: SQ) announced today its plans to become net
zero carbon for operations by 2030, including its primary Scope 3
emissions. Square also announced the launch of its Bitcoin Clean
Energy Investment Initiative, where it has committed $10 million to
support companies that help drive adoption and efficiency of
renewables within the bitcoin ecosystem.
Square has partnered with Watershed, a company that powers
climate programs for leading businesses, to provide ongoing support
in measuring and reducing its carbon footprint. Square has mapped
out a path towards a net zero carbon target through a combination
of lowering its own carbon footprint in conjunction with scaling a
verified carbon removal portfolio, which Square intends to launch
in the first quarter of 2021.
“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,” said Square Chief Financial Officer, Amrita Ahuja.
“Endangering the environment will ultimately disproportionately
endanger underserved communities around the world.”
Bitcoin is a unique part of Square’s footprint, as the company
purchases the cryptocurrency on behalf of Cash App customers. The
new Bitcoin Clean Energy Investment Initiative will support
companies working on green energy technologies within bitcoin
mining, and aims to accelerate its transition to clean power rather
than only removing the carbon for the bitcoin that Square
processes. The company intends to reinvest any of its gains from
the investment back into the initiative, and is exploring the
possibility of opening this initiative for participation by a
consortium of like-minded companies in order to amplify the
impact.
“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. “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.”
Square will issue its full-year 2020 Corporate Social
Responsibility Report in early 2021, available at
squareup.com/investors.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in-person, manage their business, and
access financing. And individuals use Cash App to spend, send,
store, and invest money. Square has offices in the United States,
Canada, Japan, Australia, Ireland, Spain, and the UK.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding the plans and timeline for
Square (the “Company”) to be net zero carbon, the beliefs and
expectations concerning the environmental impact of
cryptocurrencies, and the goals and expectations regarding the
Bitcoin Clean Energy Investment Initiative, including its
investments, potential impact, and participation by other
companies. Such statements are subject to a number of known and
unknown risks, uncertainties, assumptions, and other factors that
may cause the Company’s actual results, performance, or
achievements to differ materially from results expressed or implied
in this press release, and reported results should not be
considered as an indication of future performance. Investors are
cautioned not to place undue reliance on these statements.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, risks listed or
described from time to time in the Company’s filings with the
Securities and Exchange Commission (the “SEC”), including the
Company’s most recently filed Quarterly Report on Form 10-Q or
Annual Report on Form 10-K, which is on file with the SEC and
available on the Investor Relations page of the Company’s website.
All forward-looking statements are based on information and
estimates available to the Company at the time of this press
release and are not guarantees of future performance. Except as
required by law, the Company assumes no obligation to update any of
the statements in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20201208005461/en/
Media Contact: press@squareup.com
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