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 
                                      ------------------------------ 
 finnCap Ltd 
                                      ------------------------------ 
 Corporate Finance 
  Jonny Franklin-Adams 
  Tim Harper 
 
  Joint Corporate Broker 
  Sunila de Silva                      +44 207 220 0500 
                                      ------------------------------ 
 Tennyson Securities 
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 Joint Corporate Broker 
  Peter Krens                          +44 207 186 9030 
                                      ------------------------------ 
 OTC Markets 
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 Jonathan Dickson                      +44 204 526 4581 
  jonathan@otcmarkets.com               +44 7731 815 896 
                                      ------------------------------ 
 Tancredi Intelligent Communication 
  UK & Europe Media Relations 
                                      ------------------------------ 
 Emma Valgimigli 
  Emma Hodges                          +44 7727 180 873 
  Salamander Davoudi                    +44 7861 995 628 
  argoblock@tancredigroup.com           +44 7957 549 906 
                                      ------------------------------ 
 

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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