Ripple, the Blockchain company of cryptocurrency, Ripple, has revealed to the public its contribution to carbon emission reduction with a $100 million(R1.6B) investment in a press release
The investment was Ripple’s role in the global plea to address climate change, according to the company’s CEO, Brad Garlinghouse. He believes Blockchain and cryptocurrency will play a key role in realizing the full potential of the carbon market.
The most recent development is consistent with Ripple’s long-term commitment. He stated that, despite the growing need for a future with lower carbon emissions, carbon markets are also essential for meeting climate goals. He hopes to achieve net-zero carbon emissions by 2023.
Ripple co-founded the Crypto Climate Accord in 2021, and over 500 members have already signed on. Blockchains and cryptocurrencies are expected to be transparent, verifiable, and scalable, and he believes that if all of these criteria are met, the market will grow and achieve the desired results.
Ripple has already collaborated with climate-conscious fintechs to establish a carbon-free market. “The industry needs to evolve its existing infrastructure and verification methodologies to address our climate needs,” notes Steven Witte.
Bitcoin remains the world’s leading cryptocurrency, and it is frequently used as the reference point when discussing crypto-related issues. Cryptocurrencies have been accused of being major contributors to the world’s growing carbon emission problem. The impact of mining pacesetter cryptos like Bitcoins is rather concerning.
Bitcoin consumed as much power as Argentina in terms of the level of damage. According to Thinkthrough Consulting, a sustainability think tank. In 2020, it took 131.80 terawatt-hours of power to run the necessary mining algorithms.
The estimated annual carbon emissions of 22-22.9 million metric tons are nearly as high as those of Jordan and Sri Lanka. Crypto companies have resolved to reduce their environmental impact. Rather than using “proof of work” technology, the new strategy employs “proof of stake.” Cardano and Ripple are considered environmentally friendly tokens.