Square Inc, a U.S. based financial service company, has just announced that it has launched its Bitcoin Clean Energy Investment Initiative.
Per the project, the company said it had deposited $10 Million as an initial fund. The funds will serve as support to companies that are consistent in channeling renewable energy’s adoption and efficiency within the bitcoin ecosystem.
The new development would serve as a stepping stone to help Square achieve its plan of being recognized as a “net-zero carbon” for operations by 2030. The company unveiled the plan in its announcement today.
Square’s latest development aligns with its mission to build tools that empower businesses and individuals to participate in the economy. Square’s Chief Financial Officer, Amrita Ahuja, acknowledged this in his speech, saying;
“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.”
“Endangering the environment will ultimately disproportionately endanger underserved communities around the world.” He added.
According to the report, Companies working on green energy technologies within bitcoin mining would gain support from the new development dubbed “Bitcoin Clean Energy Investment Initiative.” Companies that also aim to accelerate its transition to clean power rather than only removing the bitcoin’s carbon that Square processes are not excluded.
In Square’s relentless strive to sustain the program, it said it intends to reinvest any of its gains from the investment back into the initiative.
The company is also considering allowing a consortium of like-minded companies to participate in the initiative to extend the impact significantly.
Jack Dorsey, the CEO, and Co-founder of Square, also commented on the development, saying;
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”
He concluded and expressed his confidence in the latest development, saying;
“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.”