Watershed Case Studies Square's Rapid Transition to Net Zero Carbon Emissions

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	Square's Rapid Transition to Net Zero Carbon Emissions Watershed

Square's Rapid Transition to Net Zero Carbon Emissions

Watershed

Technology Category	Analytics & Modeling - Computer Vision Software Application Infrastructure & Middleware - Blockchain
Applicable Industries	Mining Renewable Energy
Applicable Functions	Procurement
Use Cases	Continuous Emission Monitoring Systems
Services	Hardware Design & Engineering Services
Challenge	Square, a company with a vision to create an inclusive global economy, recognized the threat of climate change, especially to underserved communities worldwide. Despite their efforts to build products sustainably and reduce packaging, they realized that their purpose of economic empowerment needed to extend to their climate program. They aimed to achieve net zero carbon by 2030 and accelerate the conversion to renewable energy for bitcoin mining. However, achieving this ambitious goal required a comprehensive approach that went beyond merely offsetting emissions from their offices. They needed to reduce carbon across all business aspects and fund verified carbon removal for remaining emissions. Furthermore, they faced the challenge of addressing the high energy consumption associated with bitcoin mining, which they viewed as a pathway to a more participatory global monetary system. Read More
About Customer	Square is a financial services and mobile payment company that aims to create an inclusive global economy. They offer a range of products and services, including hardware devices and bitcoin trading. Square is committed to economic empowerment and sustainability, which extends beyond their own operations to the wider ecosystem. They have a vision to achieve net zero carbon by 2030 and are proactive in their efforts to reduce carbon emissions across all aspects of their business. Square is also invested in the potential of bitcoin as a pathway to a more participatory global monetary system, despite the sustainability challenges associated with bitcoin mining. Read More
Solution	To tackle these challenges, Square established a new sustainability team within their finance organization, led by Neil Jorgensen, who had experience in making operations carbon neutral. They partnered with Watershed to enhance their climate efforts. This partnership provided teams across Square with the necessary information and tools to take action. For instance, the Hardware team began conducting life cycle assessments of products to design them in a lower carbon way. Square also decided to address the broader bitcoin ecosystem's emissions, beyond those processed in its own products. They launched the Bitcoin Clean Energy Investment Initiative, a $10 million commitment to promote the adoption and efficiency of renewables within the bitcoin ecosystem. This initiative aimed to transition bitcoin from a carbon cost center to an accelerant of green energy. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Computer Vision Software

Application Infrastructure & Middleware - Blockchain

Applicable Industries

Mining

Renewable Energy

Applicable Functions

Procurement

Use Cases

Continuous Emission Monitoring Systems

Services

Hardware Design & Engineering Services

Challenge

Square, a company with a vision to create an inclusive global economy, recognized the threat of climate change, especially to underserved communities worldwide. Despite their efforts to build products sustainably and reduce packaging, they realized that their purpose of economic empowerment needed to extend to their climate program. They aimed to achieve net zero carbon by 2030 and accelerate the conversion to renewable energy for bitcoin mining. However, achieving this ambitious goal required a comprehensive approach that went beyond merely offsetting emissions from their offices. They needed to reduce carbon across all business aspects and fund verified carbon removal for remaining emissions. Furthermore, they faced the challenge of addressing the high energy consumption associated with bitcoin mining, which they viewed as a pathway to a more participatory global monetary system.

About Customer

Square is a financial services and mobile payment company that aims to create an inclusive global economy. They offer a range of products and services, including hardware devices and bitcoin trading. Square is committed to economic empowerment and sustainability, which extends beyond their own operations to the wider ecosystem. They have a vision to achieve net zero carbon by 2030 and are proactive in their efforts to reduce carbon emissions across all aspects of their business. Square is also invested in the potential of bitcoin as a pathway to a more participatory global monetary system, despite the sustainability challenges associated with bitcoin mining.

Solution

To tackle these challenges, Square established a new sustainability team within their finance organization, led by Neil Jorgensen, who had experience in making operations carbon neutral. They partnered with Watershed to enhance their climate efforts. This partnership provided teams across Square with the necessary information and tools to take action. For instance, the Hardware team began conducting life cycle assessments of products to design them in a lower carbon way. Square also decided to address the broader bitcoin ecosystem's emissions, beyond those processed in its own products. They launched the Bitcoin Clean Energy Investment Initiative, a $10 million commitment to promote the adoption and efficiency of renewables within the bitcoin ecosystem. This initiative aimed to transition bitcoin from a carbon cost center to an accelerant of green energy.

Impact #1	Square's partnership with Watershed and the establishment of a dedicated sustainability team have operationalized their climate goals across the company. Teams from various departments, including Hardware, Logistics, and Procurement, now have the tools and information to understand the impact of their everyday decisions and take action towards reducing carbon emissions. The life cycle assessments conducted by the Hardware team are an example of how Square is designing products in a lower carbon way. Furthermore, Square's Bitcoin Clean Energy Investment Initiative is a pioneering effort to address the high energy consumption of bitcoin mining and promote renewable energy within the bitcoin ecosystem. These initiatives demonstrate Square's leadership in climate action and their commitment to bringing their ecosystem along in their sustainability journey.

Impact #1

Square's partnership with Watershed and the establishment of a dedicated sustainability team have operationalized their climate goals across the company. Teams from various departments, including Hardware, Logistics, and Procurement, now have the tools and information to understand the impact of their everyday decisions and take action towards reducing carbon emissions. The life cycle assessments conducted by the Hardware team are an example of how Square is designing products in a lower carbon way. Furthermore, Square's Bitcoin Clean Energy Investment Initiative is a pioneering effort to address the high energy consumption of bitcoin mining and promote renewable energy within the bitcoin ecosystem. These initiatives demonstrate Square's leadership in climate action and their commitment to bringing their ecosystem along in their sustainability journey.

Benefit #1	Square committed to achieving net zero carbon by 2030, a significant reduction in their carbon footprint.
Benefit #2	Square launched the Bitcoin Clean Energy Investment Initiative with a $10 million commitment to promote renewable energy within the bitcoin ecosystem.
Benefit #3	Square started working with Watershed in May 2020 and announced their net zero carbon commitment in December 2020, demonstrating a rapid response to their climate goals.

Benefit #1

Square committed to achieving net zero carbon by 2030, a significant reduction in their carbon footprint.

Benefit #2

Square launched the Bitcoin Clean Energy Investment Initiative with a $10 million commitment to promote renewable energy within the bitcoin ecosystem.

Benefit #3

Square started working with Watershed in May 2020 and announced their net zero carbon commitment in December 2020, demonstrating a rapid response to their climate goals.

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Overview

Square's Rapid Transition to Net Zero Carbon Emissions

Operational Impact

Quantitative Benefit