Commercial, GHG Emissions - December 10, 2020
Square targets net zero carbon in operations by 2030
Square announced Dec. 8 its plans to achieve net zero carbon in its operations by 2030, including in its primary Scope 3 emissions.
The online and in-person payment provider is partnering with Watershed, a company that will provide ongoing support in measuring and reducing its carbon footprint. Square plans to achieve its net zero target through a combination of lowering its own carbon footprint and increasing its verified carbon removal portfolio, a project that the company is launching 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,” Amrita Ahuja, Square Chief Financial Officer, said in a statement. “Endangering the environment will ultimately disproportionately endanger underserved communities around the world.”
As part of its sustainability initiatives, Square will also be launching its Bitcoin Clean Energy Investment Initiative, which includes a $10 million investment to support companies that drive adoption and efficiency of renewables within the bitcoin ecosystem. As Square purchases bitcoin on behalf of its Cash App customers, the new initiative will support its goal of reducing Scope 3 emissions by working with companies on green energy technologies within bitcoin mining and transitioning these processes to clean energy.
Square plans to reinvest any of its gains from the investment back into the initiative and is also considering opening the initiative for participation by a consortium of companies.