The San Francisco-based blockchain payments company Ripple is planning to offset carbon emissions created by the XRP ledger.
Ripple, the parent company originally behind the creation of XRP, has created a tool for allowing blockchain firms to produce renewable energy. The blockchain startup has announced a collaboration with the nonprofit Energy Web Foundation to launch the EW Zero tool, which will allow crypto-assets to decarbonize via the purchase of renewable energy from markets worldwide.
According to the press release, Ripple is committing to being carbon net-zero by 2030 and is leading the initiative to decarbonize with the XRP. The XRP Ledger Foundation intends to use the new open-source protocol to offset carbon consumption generated from XRP transactions.
Ripple CEO Brad Garlinghouse called mainstream adoption for blockchain and crypto “encouraging” but said the industry needed to continue innovating to ensure a sustainable future.
As digital payments continue to evolve, we need to make long-term systemic shifts as an industry to ensure digital transformation doesn’t come at the cost of our planet. We are leading this change and urging all crypto players to hold themselves accountable–monitoring their energy consumption to make greener choices.
In addition to offsetting carbon generation, Ripple is committed to funding innovative carbon removal technology and expands its partnerships with conservation organizations and academia.
Featured Image Credit: Photo via Pixabay.com