FTX Climate program includes carbon neutral
initiatives, research funding, special projects, and
carbon removal solutions
ANTIGUA, July 27, 2021 /PRNewswire/ -- The FTX
Foundation Group, a collective group consisting of companies owned
by Sam Bankman-Fried and related
contributors ("FTX Foundation"), today announced the launch of the
FTX Climate program.
This global initiative is the first major program launched by
the FTX Foundation and is centered around four ambitious goals: 1)
meeting FTX Trading Limited's ("FTX") commitment to
becoming carbon neutral this year, 2) funding research and policy
initiatives that will have an outsized impact on the climate
crisis, 3) supporting the growth of carbon removal solutions and 4)
funding other climate related special projects.
FTX CEO Sam Bankman-Fried
commented on today's news, "FTX Climate is an important step for us
in leaving the planet in a better place than it is today. We
consider ourselves lucky to live in the world as we do, and we feel
a responsibility to make sure future generations get to experience
it as well. When we announced our commitment to becoming carbon
neutral in May, we said we were going to do this right and find a
holistic and impactful way to address climate change. This is just
the first of many programs we plan to undertake in order to
effectively support organizations trying to save our planet."
Carbon Neutrality
FTX & the FTX Foundation publicly committed to spending a
minimum of $1 million this year to
offset the environmental impact of cryptocurrency mining and
storage. As a result, the FTX Climate program has already purchased
over $1 million (or 100,000 tons) in
carbon offsets through two organizations, BurnStoves and
Pachama:
- BurnStoves created an inexpensive and environmentally friendly
stove for African countries. The sale of 7,000 VER carbon credits
will allow BurnStoves to increase scale and reduce the cost of the
stoves they produce.
- Pachama allows corporations to buy forest based carbon offsets
from projects around the world. FTX Climate has purchased 93,000
carbon credits to support the Kootznoowoo project in Alaska, Bajo Calima y Bahía Málaga project in
Colombia, and the Nicaforest
project in Nicaragua.
Research & Policy Funding
FTX Climate is dedicated to furthering research on how best to
solve the climate crisis and how public policy can be shaped to
effect change. In support of that, FTX Climate has committed over
$500,000 combined to three
organizations working on research and policy initiatives relating
to climate change: Giving Green, CarbonPlan, and the Good Food
Institute.
Further information on these organizations and the commitments
made to them can be found on the Research & Policy page of the
FTX Climate website.
Carbon Removal
Another key area of focus for FTX Climate will be Carbon
Removal, with the program committing $1,000,000 to permanent carbon capture and
storage. While there have been great strides made in terms of
renewable energy, Carbon Removal looks to mitigate and hopefully
reverse the impacts of climate change that we're already seeing by
extracting carbon dioxide from the atmosphere and storing it
permanently. While no solutions exist currently to conduct carbon
removal at a globally relevant scale for a feasible cost, the
$1 million committed by the FTX
Climate program is being set aside to work with the organizations
looking to make this into a globally effective solution.
Special Projects
As its first special project, FTX Climate has also made a
three-year commitment to The Honnold Foundation to install solar
panels in the places they are needed the most. This year, FTX has
committed $50,000 to help complete
the current joint effort between the Honnold Foundation and the
Ceibo Alliance with an additional $100,000 per year to be committed in 2022 &
2023 in order to fully fund two new solar panel projects in the
Amazon.
The FTX Foundation is centered around the FTX team's desire to
live in a world where everyone has the same opportunities. With the
pledge of one percent of all net fees going towards charitable
giving, the FTX Foundation manages and disperses these funds to the
most effective organizations around the world. The FTX Foundation
has already earmarked more than $10
million for charity this year with more than 3 million dollars already donated to support a
variety of charities including those addressing the recent flooding
in the Henan Province in
China and the oxygen crisis in
India.
To learn more about the FTX Climate program, please visit: FTX
Climate
About FTX
FTX.COM is a cryptocurrency exchange built by traders, for
traders. It offers innovative products, including industry-leading
derivatives, options and volatility products, tokenized stocks,
prediction markets, leveraged tokens and an OTC desk. FTX.COM
strives to be an intuitive yet powerful platform for all kinds of
users, and to be the most innovative exchange in the
industry. FTX.COM has grown quickly since its founding,
becoming one of the most respected cryptocurrency exchanges in the
world in less than 2 years.
To learn more about FTX.COM, please
visit: https://ftx.com/
FTX.COM is not available to US residents or residents of
other prohibited jurisdictions, as set out in its Terms of
Service.
About FTX.US
FTX.US is a US-regulated cryptocurrency exchange, built from the
ground up. Our mission is for FTX.US to grow the digital
currency ecosystem, offer US traders a platform that inspires their
loyalty and become the market leading US cryptocurrency exchange by
volume over the next two years.
To learn more about FTX.US, please
visit: https://ftx.us/
Media Contact:
Jay Morakis
M Group Strategic Communications (for FTX)
+1 646-859-5951
ftx@mgroupsc.com
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