Square announces zero carbon emissions by 2030 and supports green energy Bitcoin mining

Electronic payments company Square has pledged to support bitcoin mining operations powered by renewable energy, as part of Jack Dorsey's broader green initiatives at the Twitter CEO's company.

According to a press release Tuesday morning, Square aims to be carbon neutral by 2030. This includes reducing the company's carbon emissions, which the U.S. Environmental Protection Agency describes as both upstream and downstream pollution from an organization that is not under its direct control.

Square has partnered with climate change-fighting company Watershed to reduce its carbon footprint.

Additionally, Square has pledged $10 million to its newly launched “Bitcoin Clean Energy Investment Program,” which will support other companies in the Bitcoin ecosystem in adopting renewable energy mining.

The company explains:

“The new Bitcoin Clean Energy Investment Program will support companies working in green energy technologies in the Bitcoin mining sector and aims to accelerate their transition to clean energy, not just the decarbonization of the Bitcoin processed by Square. The company intends to reinvest any proceeds from its investments back into the program, and is exploring the possibility of opening the program to a consortium of like-minded businesses to expand its impact.”

Square said its goal is to achieve carbon neutrality by shrinking its own carbon footprint and expanding its zero-carbon portfolio, which the company plans to launch in the first quarter of 2021.