Mode Global Holdings PLC, the LSE-listed Fintech Group, is pleased to announce that it is launching a range of initiatives to tackle its carbon footprint with an ambition to be a sector leader in its environmental responsibility.
The Company has firstly become a signatory of the CCA. This commits Mode to achieve net-zero emissions from all energy consumption related to cryptocurrency, and prove this decarbonisation by 2030. Mode is already working on plans to achieve carbon neutrality significantly ahead of this date.
The CCA is a private-sector led initiative inspired by the [Paris Agreement on climate change], 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.
Mode will also 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. Mode’s participation on Energy Web Zero will provide useful feedback to Energy Web and ensure it meets the needs of the cryptocurrency sector. The results and insights from Mode’s use of Energy Web Zero will be shared and made public.
Mode is determined to demonstrate climate action leadership within the cryptocurrency, payments and Open Banking sectors. Mode is drawing up plans to achieve net-zero emissions from all its business operations [(scope 1 and 2)]. This initiative will be spearheaded by Mode’s Sustainability Committee, which will announce plans and targets to achieve a net-zero emissions position throughout the Group.
Ryan Moore, CEO of Mode, commented: “There is no reason why any crypto or payments platform should be contributing to climate change. We believe that our customers should be able to invest in Bitcoin and rest easy that they are not harming the environment. We all need to urgently play our part to reduce global emissions – including businesses.”
“We are launching a range of commitments to combat climate change and to be an industry leader. I am proud that we have signed the Crypto Climate Accord and agreed to be a trial user of Energy Web’s carbon reduction platform. We are fully committed to being carbon neutral in our crypto activities by 2030 and our new Sustainability Committee will quickly develop a plan of action to ensure that we deliver on our commitment.”