Climate Strategy Announcement

RNS Number : 8139I

Argo Blockchain PLC

17 August 2021

 

Press release

17 August 2021

Argo Blockchain PLC

("Argo" or "the Company")

Climate Strategy Announcement

Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce that it is the first publicly traded cryptocurrency mining company to report it has become climate positive from Scope 1, 2 and Greenhouse Gas (GHG) emissions from the value chain associated with the Company's respective cryptocurrency mining operations.  Climate Positive means that the Company is addressing its own GHG emissions to become carbon neutral and going even further by mitigating emissions through support of projects outside of Argo.

The announcement marks a key milestone in the Company's climate strategy, which includes its ongoing and future initiatives in energy efficiency, reducing e-waste, use of waste heat in partnership with local municipalities, carbon capture, and supporting the industry with sustainability standards.

Argo has demonstrated an ongoing commitment to sustainability and believes that cryptocurrency has the potential to spur innovation in renewable power and reduce GHG emissions. Over the past year, the Company has developed its "Climate Positive Strategy", with input from climate strategy advisor, Guidehouse. Argo is pleased to have achieved a number of significant milestones, including:

·     Purchased Renewable Energy Credits (RECs) retroactively for 2020 and for any remaining non-renewable electricity use;

·     Prioritised direct renewable purchase on-site or from a local grid;

·     Purchased GHG offsets for any emissions associated with Argo value chain; and

·     Purchased additional offsets such as Verified Emissions Reductions to encourage reduction of emissions further and have a "climate positive" overall impact

Furthermore, Argo is pleased to announce that it is now a participant in the UNFCCC's Climate Neutral Now initiative. As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050. Argo will also release an annual climate report, providing an overview of developments both within the Company and the wider sector.

The Company is also partnering and collaborating with competitors, consultants, and councils including REBA, RE100 and the Crypto Climate Accord to ensure the industry can derive solutions faster and more efficiently to create a more sustainable mining industry in the long term.

Peter Wall, Chief Executive of Argo and interim Chairman, said: "We are proud to be the first publicly traded company in the industry to report becoming climate positive and are pleased to announce our climate strategy. This strategy is representative of our ongoing commitment to reducing our environmental impact and, importantly, ensures that the benefits of the actions taken are felt directly in the localities in which emissions occur as a result of Argo's operations."

Britt Harter, sustainability lead at Guidehouse, said: "Guidehouse celebrates this important milestone with Argo as it works to tackle one of its industry's most critical sustainability issues - greenhouse gas emissions in cryptocurrency mining. Argo's efforts are a prime example of how other technology firms can reduce their climate impact to build a sustainable and environmentally secure planet for generations to come."

Miguel Naranjo, Programme Officer at the UNFCCC secretariat, said: "We are pleased to welcome Argo Blockchain as the first cryptocurrency miner to join Climate Neutral Now, and welcome its support, with other participants, in achieving a Climate Neutral world by 2050".

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	via Tancredi [phone]
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper  Joint Corporate Broker Sunila de Silva	[phone]
Tennyson Securities
Joint Corporate Broker Peter Krens	[phone]
OTC Markets
Jonathan Dickson [e-mail]	[phone] [phone]
Tancredi Intelligent Communication UK & Europe Media Relations
Emma Valgimigli Emma Hodges Salamander Davoudi [e-mail]	[phone] [phone] [phone]

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.

 

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