Argo Blockchain Becomes First Climate Positive Cryptocurrency Mining Company and Releases Climate Strategy
17 August 2021 - 11:00PM
Business Wire
Argo leads the charge to a sustainable crypto
economy and becomes the first Climate Positive cryptocurrency
mining company
Argo Blockchain plc (LSE:ARB; OTCQX:ARBKF), (“Argo” or the
“Company”), a global leader in sustainable blockchain
infrastructure and cryptocurrency mining, today announced it has
become the first publicly traded cryptocurrency mining company to
report it has become Climate Positive for Scope 1, 2, and 3
Greenhouse Gas (GHG) emissions associated with all of its
respective crypto-related 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.
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“We are proud to be the first publicly traded cryptocurrency
mining company to reach the Climate Positive milestone and remain
laser-focused on encouraging other companies to join us – both
inside and outside of the industry. Furthermore, we wanted to
publicly issue our Climate Strategy in hopes of encouraging
collaboration, input and dialogue among all companies on ways to
create climate-positive environments,” said Peter Wall, Chief
Executive of Argo Blockchain.
Since inception, Argo has been committed to sustainability and
believes that cryptocurrency mining can spur renewable power
innovation and pave the way to reducing GHG emissions. Over the
past year, the Company has built out its Climate Positive Strategy,
achieving the below milestones, among many others:
- Signed UNFCCC Climate Neutral Now Pledge
- Signed Crypto Climate Accord
- Purchased Hydro and Wind Renewable Energy Credits (RECs) to
address 2020 and projected 2021 scope 2 emissions (electricity
use)
- Prioritized direct renewable power purchases on-site or from a
local grid
- Purchased Verified Emissions Reductions (VERs) for 2020 and
projected 2021 scope 3 emissions from the company supply chain
(VERs are certified by the American Carbon Registry and Gold
Standard)
- Purchased additional VERs in excess of 2020 and projected 2021
scope 3 emissions to demonstrate commitment to climate action and
have a ‘climate positive’ overall impact (VERs are certified by
Gold Standard)
Further, Argo is pleased to announce that it is now a
participant of 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.
“Guidehouse celebrates this important milestone with Argo as
they work to tackle one of their industry’s most critical
sustainability issues—Greenhouse Gas emissions in cryptocurrency
mining,” says Britt Harter, sustainability lead at Guidehouse, a
consultancy and solutions provider that serves as Argo’s climate
strategy advisor. “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 their
support, with other participants, in achieving a Climate Neutral
world by 2050.”
The Company is also building the community and partnering and
collaborating with competitors, consultants, and councils –
including REBA, the Crypto Climate Accord and many others – to
ensure the industry can derive solutions faster and more
efficiently to create a more sustainable mining industry for the
long haul.
Peter Wall added, “Argo believes in preserving our planet – not
only because it makes business sense, but because it just makes
sense to protect it. We understand the only way to create a
sustainable infrastructure and mining operation is to be
best-in-class long-term and look forward to continuing to lead the
charge and push industry-wide sustainability practices for years to
come.”
Argo will continue innovating and prioritizing sustainability on
its path to being a climate action leader in the crypto and bitcoin
mining world. Moving forward Argo will release an annual Climate
Report to overview company developments as well as industry wide
changes.
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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Carissa Felger/Genevieve Pirrong Gasthalter & Co. (212)
257-4170
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