After committing in May to become a carbon-neutral company, FTX confirmed it had achieved its goal two months later by creating the FTX Climate program. Through the initiative, the exchange bought about 100 thousand tons of carbon credits to offset its blockchain activities, an operation that cost more than US$ 1 million.
“But our commitment goes further because we believe that preventing deforestation and buying carbon credits is not a solution. That’s why we are funding research into other ways to help the climate”, said the company’s CEO Sam Bankman-Fried on his Twitter page.
Thus, the company has also committed to donating US$1 million a year to FTX Climate for carbon capture and storage and has already directed more than US$ 500,000 to research climate change solutions.
FTX Climate wants to help reverse climate change
In addition to carbon removal solutions, FTX Climate has plans to finance solar generation projects for communities in the Amazon and explore alternatives for carbon removal in the oceans.
“Just as we have spent the last 200 years extracting and releasing carbon, we believe that the ability to capture and store it can play an important role in mitigating and reversing climate change”, the initiative’s webpage highlights.
The project’s webpage also cites the use of energy for bitcoin mining, mentioning that “no one knows exactly how much energy comes from each generating source”.