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.