Prominent cryptocurrency platform, Square has been making headlines following an array of developments. Jack Dorsey’s interest in crypto was transformed into reality with notable payments platform, Square. Once again, Dorsey’s Square platform had made it to the headlines following its recent development in the field of crypto.
Square To Aid War Against Climate Change
CEO and Founder of prominent social media platform, Twitter, Jack Dorsey seems to be embracing his philanthropic side. Recently, Square rolled out a non-profit crypto platform, Cryptocurrency Open Patent Alliance [COPA] that stops firms from hiding away their crypto innovations in patents. Now, Square seems to be taking an interest in the battle against climate change.
While everyone across the globe has been fighting climate change, Square has revealed in a recent blog post that this will soon be part of this engagement. The blog post pointed out that Square was rolling out the “Bitcoin Clean Energy Investment Initiative”. With this initiative, the platform hopes to offer aid to firms that fuel the adoption as well as the effectiveness of renewables across the Bitcoin sphere. To carry this initiative out in full force, Square had reportedly joined hands with a prominent platform that has been fending off climate change, Watershed.
Square has allocated a total of $10 million as part of the initiative. Speaking about the same, Jack Dorsey said,
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
The payments giant is aiming at achieving a net-zero carbon target. This would further be accomplished by depreciating the carbon footprint along with the scaling of a verified carbon removal portfolio. This portfolio will be rolled out into the market in the Q1 of 2021.
The initiative is said to extend support to platforms that incorporate green energy tech into their Bitcoin mining protocols. Additionally, the stimulation of clean power is also one of the goals of the initiative. With all of the aforementioned, Square with its Scope 3 emissions intends to transform into a net-zero carbon for operations by 2030.
“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.”