In a press release, Ripple, the cryptocurrency Blockchain company, says, Ripple has revealed its contribution to reducing carbon emissions to the public with a $100 million investment.
Why the investment?
According to the company’s CEO Brad Garlinghouse, the investment was Ripple’s role in the global advocacy to tackle climate change. He believes that Blockchain and crypto play a leading role in ensuring the full potential of the carbon market are met.
The latest development is in line with Ripple’s future deployment. He noted that despite the growing need for a future with reduced carbon emissions, carbon markets are equally necessary to achieve climate goals. He hopes to keep CO2 emissions at zero by 2023.
The Crypto Climate Accord was co-founded by Ripple in 2021 and already has more than 500 members on board. Blockchain and crypto are expected to be transparent, verifiable and scalable and he believes that if all those qualities are met, the market could grow and achieve the desired results.
Ripple has already partnered with climate-conscious fintechs to create a carbon-free market. As noted by Steven Witte, “Industry needs to develop its existing infrastructure and verification methods to meet our climate needs.”
The Role of Crypto in Carbon Emissions
Bitcoin remains the world’s leading cryptocurrency and is often used as the standard when discussing crypto-related issues. Cryptocurrencies have been accused of being a major contributor to the growing global problem of carbon emissions. The effect of mining tempo-setter cryptos, such as Bitcoins, is quite alarming.
When ranking the damage level, Bitcoin consumed as much power as Argentina. That is the opinion of the sustainability think tank Thinkthrough Consulting. In 2020, it took 131.80 terrawatt hours of power to run the necessary mining algorithms.
An estimated annual CO2 emissions of 22-22.9 million tons are almost as much as those of Jordan and Sri Lanka. Crypto companies have decided to reduce their impact on climate change. Instead of using a proof of work technology, the new plan is a proof of stake. Cardano and Ripple are considered eco-friendly tokens.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @shamasunil8114 and contact him at sunil (at) coingape.com
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