Square plans to become net zero carbon for operations by 2030

By Pavithra R

Square, building simple tools to help people participate and thrive in the economy, has announced its plan to become net-zero carbon for operations by 2030, including its primary Scope 3 emissions. The FinTech has also announced the launch of its Bitcoin Clean Energy Investment Initiative, through which the firm has committed $10 mn to support companies that 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. The FinTech has mapped out a path towards a net-zero carbon target through a combination of lowering its 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. Endangering the environment will ultimately disproportionately endanger underserved communities around the world,” said Square Chief Financial Officer, Amrita Ahuja.

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 firms working on green energy technologies within bitcoin mining, and aims to enhance its transition to clean power rather than only removing the carbon for the bitcoin that Square processes. 

The firm 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. 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,” said Square Co-Founder and CEO, Jack Dorsey.

In a separate announcement, the FinTech has also announced adding DoorDash to its on-demand delivery platform for its online sellers. The move enables sellers to dispatch delivery drivers for orders placed directly on their website through DoorDash Drive. DoorDash Drive is DoorDash’s white-label fulfillment platform which allows any restaurant to begin offering delivery through their own channels by tapping into DoorDash’s logistics technology and fleet of Dashers.

“We’re so excited to team up with DoorDash. We’re dedicated to providing restaurants access to the tools they need to thrive, especially during this challenging new business environment, and look forward to partnering with DoorDash to help achieve that goal,” said David Rusenko, head of eCommerce at Square.