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August 31, 2021

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Why We’re Targeting Net-zero Emissions

As a company, our ambition is to demonstrate climate action leadership within the cryptocurrency, payments and Open Banking sectors. We’re pleased to announce that we are launching a range of initiatives to play our part in combating climate change and tackling our carbon footprint.

Written by - Pippa H

As a company, our ambition is to demonstrate climate action leadership within the cryptocurrency, payments and Open Banking sectors. We’re pleased to announce that we are launching a range of initiatives to play our part in combating climate change and tackling our carbon footprint. Mode has committed to being carbon neutral in our crypto activities by 2030, and becoming an industry leader by accelerating the decarbonisation of the cryptocurrency sector.

Firstly, we have recently become a signatory of the Crypto Climate Accord (CCA), which commits us to achieving net-zero emissions from all energy consumption related to cryptocurrency, within the next decade. Mode is also drawing up plans to achieve net-zero emissions from all its business operations. Both initiatives will be spearheaded by our Sustainability Committee, which is aiming to achieve a net-zero emissions position significantly ahead of the targeted date.      

The CCA is a private-sector led initiative inspired by the Paris Agreement on climate change, an initiative that is focused on developing open-source solutions to enable the decarbonisation of the cryptocurrency industry. Co-founded and convened by three non-for-profit organisations - Energy Web, RMI, and Alliance for Innovative Regulation - the CCA has already attracted support from over 150 companies.

Secondly, we have become a pioneer user of Energy Web’s new digital platform Energy Web Zero - a publicly accessible search engine for digitised renewable energy and carbon products - that is intended to accelerate the sector’s progress towards net-zero. Our participation on Energy Web Zero will provide useful feedback to Energy Web and ensure it meets the needs of the cryptocurrency sector.

Mode will be working alongside the CCA to determine the emissions from our Bitcoin holdings before progressing through Energy Web Zero to offset these emissions. The results and insights from our use of Energy Web Zero will be shared and made public.

We believe that there is no reason why any crypto or payment platform should be contributing to climate change. Our customers should be able start their Bitcoin journey, safe in the knowledge that they are not harming the environment. Given the recent environmental concerns, we all need to urgently play our part to reduce global emissions - including businesses.

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