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Argo Leads the Charge to a Sustainable Crypto Economy and Becomes the First Climate Positive Cryptocurrency Mining Company
Argo Blockchain plc, a global leader in sustainable blockchain infrastructure and cryptocurrency mining, 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.”
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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.
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