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The company said it is addressing its own greenhouse gas emissions to become carbon neutral and going even further by mitigating emissions through the support of projects outside of the group
Argo Blockchain PLC said it is the first publicly-traded cryptocurrency miner to become climate positive from scope one, two and greenhouse gas (GHG) emissions from the value chain associated with its mining operations.
The company said being climate positive means it is addressing its own GHG emissions to become carbon neutral and going even further by mitigating emissions through the support of projects outside of the group.
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Argo said the development is “a key milestone” in its climate strategy, which includes 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.
The firm added that it has achieved a number of significant milestones to date including the purchase of renewable energy credits (RECs) retroactively for 2020 and any remaining non-renewable electricity use, prioritising direct renewable purchases on-site or from a local grid as well as purchasing GHG offsets for any emissions associated with the Argo value chain and purchasing additional offsets such as verified emissions reductions to encourage further reductions.
Argo also said it is now a participant in the United Nations Framework Convention on Climate Change’s (UNFCCC’s) Climate Neutral Now initiative, under which it will undertake efforts to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050. The firm also said it will release an annual climate report.
The group added that it is partnering and collaborating with competitors, consultants, and councils to ensure the crypto mining industry can derive solutions faster and more efficiently to create a more sustainable mining industry in the long term.
“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”, Argo chief executive and interim chairman Peter Wall said in a statement.
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