Ripple Reaffirms Commitment to Be Carbon Neutral by 2030

Ripple reaffirms its commitment to be carbon neutral by 2030, as part of its effort to prevent bad climate change scenarios.

As part of an effort to prevent adverse climate change scenarios, Ripple reiterated its commitment to being carbon neutral by 2030. As part of the same goal, many countries around the world are committed to being carbon neutral by 2050.

On Thursday, May 27, Ripple tweeted about the issue from its official Twitter account. He shared a blog post by Monica Long (RippleX Managing Director) titled “Global Crypto and FinTech Energy Sustainability” in a tweet . 

According to Ripple’s blog post, the FinTech firm believes the blockchain and digital asset industry will “play a critical role in building a sustainable future for global finance,” and Ripple has pledged to reach carbon net zero by 2030, and the XRP Ledger Foundation, Energy Web and Rocky It has partnered with the Mountain Institute to decarbonize public blockchains.

A Medium blog post published by Energy Web on September 30, 2020 announced the “decarbonization of XRP Ledger” and pointed to the “first widespread decarbonization of a public blockchain, addressing a major environmental challenge for blockchain technologies worldwide.”

EW’s blog post included the following statements:

“This first deployment uses energy attribute certificates (EACs) from renewable energy assets to decarbonize the blockchain’s electricity use. Energy Web’s open-source implementation, called EW Zero, enables individuals, businesses, or in this case, an entire blockchain ecosystem to transition to verified zero-carbon electricity.”

To achieve its goal, Ripple will invest resources in various initiatives such as measuring Ripple’s own carbon footprint and reducing it by purchasing clean, renewable energy for its business operations and investing in decarbonization technology. The company is also partnering with University College London (UCL) and the National University of Singapore to explore the environmental impact of cryptocurrency adoption.

Long’s post stated:

“The full implementation of these environmentally sustainable practices will not happen overnight. It is imperative that industry leaders take responsibility for reducing energy consumption before it is too late. “

Adopting sustainable measures across industries to reduce carbon emissions could help the global economy save an estimated $26 trillion by 2030, according to the company. He added that most currencies today are not environmentally friendly, as the production and movement of money contributes to pollution and deforestation. 

The firm added that some cryptocurrencies have a significant carbon footprint. Addressing Bitcoin, the company claimed that the cryptocurrency “consumes almost as much energy each year as the country of Portugal consumes on average.” Ripple CEO Brad Garlinghouse recently compared XRP to Bitcoin in an interview, suggesting that only XRP has “zero inflation dynamics” because no more tokens will be created.

The post also mentions that XRP Ledger’s native presence mentions that XRP was “specially chosen to strengthen RippleNet’s On-Demand Liquidity (ODL) service due to its steadfast green aspects and payment scalability.”

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