By
Josh O'Sullivan
April 30th, 2024
The payments network Flexa plans to achieve net-zero emissions for all activities by 2025.
The blockchain payments startup Flexa Network has attained carbon neutrality in its operations. Per a recent blog post shared by the firm, the milestone attained affirmed its ongoing pursuit to help curtail the impacts of climate change on earth, with the result substantiating its efforts thus far.
The negative impact of climate change on the environment cannot be neglected. From the rise in ocean levels to more frequent and intense drought, the world is witnessing an environmental transformation that can work against our survival. Seeing the tilt to a world where climate-born disasters are prominent, governments around the world are nudging businesses, households, and everyone to help maintain carbon neutrality and curtail carbon emissions in key aspects of their operations.
The clamor on climate change is particularly of more concern for the digital currency ecosystem based on the high energy consumption of the Proof-of-Work (PoW) consensus model Bitcoin and other blockchains utilize. As a firm that facilitates payments with a number of these cryptocurrencies, the carbon emissions concerns have a rub off on the firm also. This has reignited the company’s resolve to pursue sustainable initiatives in conjunction with Canopi.
Flexa Network’s Approach to Attaining Carbon Neutrality
As one of the emerging payment networks, the Flexa Network is keen on resolving the energy concerns associated with facilitating payments in general. Based on the support of Canopi, climate-focused softwares were deployed to analyze the carbon emissions of Flexa’s activities from inception to date. These activities include all transactions related to collateralizing Flexa payments with Amp on the Ethereum blockchain.
Part of the discoveries of the analysis was that Flexa’s total carbon emissions came in at 990 tCO₂e (tons of carbon dioxide equivalents). Payments activities on the blockchain account for as much as 65% of the total emissions with the secondary drivers of the company’s climate impact including air travel (18% of the total emissions), computer hardware (4%), and lodging (4%).
To balance out its emissions, the company invested in key activities that help remove carbon from the atmosphere such as reforestation to improved forest management and crop production practices. The company’s commitment to not just balance out its emissions but to exceed it pushed it to purchase a set of high-quality, verified carbon offsets from Canopi’s portfolio of carbon removal partners.
With its investments, Flex now removes more Carbon from the air than it produces, stamping its foot as one of the few payment networks with these achievements. Flexa is however not stopping here, the company has plans to emit zero carbon by 2025, a move it hopes to achieve by investing in renewable energy resources.
These alternative energy options will be pursued by collaborating with data centers that run on green power sources, promoting a remote work option and giving employees subsidies for household solar panels and batteries, as well as promote energy-efficient processes amongst the distributed ledgers it supports. Flexa has all these plans as it believes everyone must play a role to make our planet secured and habitable.
You Can Now ‘Pay with Flex’ without Worrying about Energy Emission
The Flexa Network recently announced its “Pay With Flex” product that lets users make online payments using Bitcoin and other digital currencies. If you are like Elon Musk, the CEO of Tesla Inc (NASDAQ: TSLA) who cares so much about carbon footprints of payments products, you can pitch tent with the Flexa Network as it has a Canopi verified Carbon Neutrality rating.