Argo Blockchain PLC Climate Strategy Announcement (8139I)
17 August 2021 - 4:00PM
UK Regulatory
TIDMARB
RNS Number : 8139I
Argo Blockchain PLC
17 August 2021
Press release
17 August 2021
Argo Blockchain PLC
("Argo" or "the Company")
Climate Strategy Announcement
Argo Blockchain, a global leader in cryptocurrency mining (LSE:
ARB), is pleased to announce that it is the first publicly traded
cryptocurrency mining company to report it has become climate
positive from Scope 1, 2 and Greenhouse Gas (GHG) emissions from
the value chain associated with the Company's respective
cryptocurrency mining operations. Climate Positive means that the
Company is addressing its own GHG emissions to become carbon
neutral and going even further by mitigating emissions through
support of projects outside of Argo.
The announcement marks a key milestone in the Company's climate
strategy, which includes its ongoing and future initiatives in
energy efficiency, reducing e-waste, use of waste heat in
partnership with local municipalities, carbon capture, and
supporting the industry with sustainability standards.
Argo has demonstrated an ongoing commitment to sustainability
and believes that cryptocurrency has the potential to spur
innovation in renewable power and reduce GHG emissions. Over the
past year, the Company has developed its "Climate Positive
Strategy", with input from climate strategy advisor, Guidehouse.
Argo is pleased to have achieved a number of significant
milestones, including:
-- Purchased Renewable Energy Credits (RECs) retroactively for
2020 and for any remaining non-renewable electricity use;
-- Prioritised direct renewable purchase on-site or from a local grid;
-- Purchased GHG offsets for any emissions associated with Argo value chain; and
-- Purchased additional offsets such as Verified Emissions
Reductions to encourage reduction of emissions further and have a
"climate positive" overall impact
Furthermore, Argo is pleased to announce that it is now a
participant in the UNFCCC's Climate Neutral Now initiative. As a
participant, Argo undertakes to measure, reduce, contribute, and
report emissions on a yearly basis in order to achieve a Climate
Neutral world by 2050. Argo will also release an annual climate
report, providing an overview of developments both within the
Company and the wider sector.
The Company is also partnering and collaborating with
competitors, consultants, and councils including REBA, RE100 and
the Crypto Climate Accord to ensure the industry can derive
solutions faster and more efficiently to create a more sustainable
mining industry in the long term.
Peter Wall, Chief Executive of Argo and interim Chairman, said:
"We are proud to be the first publicly traded company in the
industry to report becoming climate positive and are pleased to
announce our climate strategy. This strategy is representative of
our ongoing commitment to reducing our environmental impact and,
importantly, ensures that the benefits of the actions taken are
felt directly in the localities in which emissions occur as a
result of Argo's operations."
Britt Harter, sustainability lead at Guidehouse, said:
"Guidehouse celebrates this important milestone with Argo as it
works to tackle one of its industry's most critical sustainability
issues - greenhouse gas emissions in cryptocurrency mining. Argo's
efforts are a prime example of how other technology firms can
reduce their climate impact to build a sustainable and
environmentally secure planet for generations to come."
Miguel Naranjo, Programme Officer at the UNFCCC secretariat,
said: "We are pleased to welcome Argo Blockchain as the first
cryptocurrency miner to join Climate Neutral Now, and welcome its
support, with other participants, in achieving a Climate Neutral
world by 2050".
For further information please contact:
Argo Blockchain
Peter Wall via Tancredi +44 203 434 2334
Chief Executive
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Jonny Franklin-Adams
Tim Harper
Joint Corporate Broker
Sunila de Silva +44 207 220 0500
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OTC Markets
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Tancredi Intelligent Communication
UK & Europe Media Relations
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Emma Valgimigli
Emma Hodges +44 7727 180 873
Salamander Davoudi +44 7861 995 628
argoblock@tancredigroup.com +44 7957 549 906
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About Argo:
Argo Blockchain plc is a global leader in cryptocurrency mining
with one of the largest and most efficient operations powered by
clean energy. The Company is headquartered in London, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the OTCQX Best Market in the United
States under the ticker: ARBKF.
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