Continued Commitment to Reaching Carbon Net Zero by 2030

Block’s Carbon Removal and Clean Energy portfolios align with our goal of reaching net zero in emissions across operations by 2030. Here’s a run-through of the projects we support.

In 2022, we removed 52,000 metric tonnes of carbon through our portfolio of supported projects.

We partnered to fund several high-quality reforestation programs around the world, targeting projects that positively impact local communities. In 2022, we partnered again with TIST, which incentivizes locals to plant new trees on their land, providing them with a source of income and the opportunity to improve their natural environment. Forests are natural carbon sinks, and planting more trees helps remove and store carbon once in the atmosphere. TIST closely monitors planted trees over time to validate carbon sequestration quantities. We also funded WithOneSeed and NicaForest.

Biochar is a charcoal produced by the pyrolysis of biomass in the absence of oxygen. It’s used as a soil ameliorant for both carbon sequestration and soil health benefits. Stable-solid biochar is rich in carbon and can endure in the soil for hundreds of thousands of years. In 2022, we continued our support of this carbon removal category by partnering with several biochar projects, including projects procured through Puro Earth and Rainbow Bee Eater.

Charm Industrial converts biomass into a bio-oil liquid and injects it into rock formations that have securely stored crude oil for hundreds of millions of years. Charm’s geological sequestration project began in March of 2020 and has already safely stored thousands of tons of carbon underground.

In 2022, Block continued to support Climeworks — we’re proud to be an early adopter of this important direct air carbon capture technology and its efforts to quickly scale its scope of global carbon removal. Climeworks is able to capture CO2 directly from the atmosphere. This captured CO2 is concentrated and either safely stored underground to produce negative emissions or reused as a raw material, typically in low-carbon fuel generation.

Block is investing in clean energy purchases to address our global energy usage.

In our effort to support global financial inclusion within our clean energy portfolio, in 2022 we purchased our second Peace-RECs for South Sudan, through 3Degrees. These are International Renewable Energy Certificates (I-RECs) with an additional certification from Energy Peace Partners that leverage climate and finance solutions to promote peace in the world's most fragile regions. Their climate-sensitive approach extends the renewable energy revolution to some of the planet’s most vulnerable populations by addressing the intersection of energy poverty, conflict risk, and climate vulnerability to demonstrate the peace dividends of clean energy.

We purchased 45,628 Renewable Energy Certificates in 2022, representing over 45,628 megawatts of clean energy added to the grid across several regions throughout the United States, Canada, Japan, and Australia.

We’ve reported on our carbon removal and clean energy efforts in our 2022 and 2021 CSR Reports.