The FTX Foundation launches "FTX Climate" focusing on four main pillars, aiming to spend $1 million per year to combat climate change!

On July 28, 2021 - FTX Foundation was established in February this year with the core idea of making the world a better place. In recent years, the number of disasters caused by extreme weather events has been increasing. According to a report by the Swiss Reinsurance Institute, by 2025, extreme weather events may cause global losses of 10% of GDP, with the most affected being the economically vulnerable and future generations.

Therefore, the FTX Foundation has announced the launch of the FTX Climate project.

The FTX Climate project revolves around four main pillars and is the foundation's first major initiative. These include: 1. Fulfilling FTX Exchange's "carbon neutrality" commitment, 2. Funding climate-related research and policies, 3. Supporting "carbon removal" solutions and accelerating their growth, 4. Supporting other climate-related special projects.

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Carbon Neutrality

To offset the environmental impact of cryptocurrency mining and trading, FTX Exchange and the FTX Foundation have pledged to purchase at least $1 million worth of carbon credits this year. Currently, the FTX Foundation has already purchased over $1 million (or 100,000 tons) of carbon credits from BurnStoves and Pachama.

BurnStoves provides "clean burning fuel stoves" to African households, and the carbon credits sold in the voluntary carbon market (VER) will allow BurnStoves to expand production, reduce production costs, and provide more clean burning fuel stoves to African families.

Pachama enables global companies to purchase carbon credits to offset forests. The FTX Foundation has purchased 93,000 carbon credit tons to support forest conservation projects such as the Kootznooowoo project in Alaska, the Bajo Calima y Bahía Málaga project in Colombia, and the Nicaforest project in Nicaragua.

Funding Climate Research and Policy

FTX Climate is also dedicated to researching climate crises and the formulation and impact of public policies. To this end, FTX Climate has committed over $500,000 to three organizations dedicated to climate change-related research and policy advocacy: Giving Green, CarbonPlan, and the Good Food Institute.

Carbon Removal

Carbon removal is a key focus of the FTX Climate initiative. FTX plans to invest $1 million in the field of carbon capture and storage. This technology involves collecting carbon dioxide generated from point source pollution, transporting it to storage sites, and isolating it from the air for the long term. While there has been significant progress in renewable energy, carbon capture has the potential to accelerate efforts to mitigate and reverse the impacts of climate change.

Funding Special Projects

FTX has provided three years of funding to the Honnold Foundation to install solar panels in areas that need it most. Currently, the FTX Exchange has provided $50,000 to the foundation, with the next two years providing $100,000 each year, fully funding the foundation's solar panel project in the Amazon.

The core philosophy of the FTX Foundation is to create a world where everyone has equal opportunities. FTX has pledged to donate 1% of net income to charity, with the FTX Foundation being the executing entity. So far this year, the FTX Foundation has allocated over $10 million to charitable causes, including over $3 million to support various charitable organizations, including those responding to recent floods in Henan Province, China, and the oxygen crisis in India.

Sam Bankman-Fried, the founder and CEO of FTX, stated:

"FTX Climate is a crucial step we are taking to make the world a better place. We are fortunate to live on this planet as it is now, and it is our responsibility to ensure that future generations can live on this planet as well.

When we announced our commitment to achieving carbon neutrality in May, we meant it, and we found a comprehensive, impactful way to address climate change. This is just the first of many initiatives we plan to undertake!"