San Francisco-based blockchain cross-border remittance company Ripple plans to make all of its operations climate neutral by 2030. It has announced its plans for the next decade, during which it intends to achieve net zero carbon. The main purpose of the company behind achieving Carbon Net-Zero is to use its contribution to maintain the sustainability of the cryptocurrency industry.
When unveiling its future plans to achieve carbon neutrality, the US-based blockchain payment giant announced that it was working with the Rock Mountain Institution, Energy Web (a blockchain project focused on energy) and the XRP Ledger Foundation (a Profit organization). The purpose of these partnerships is to leverage the open source tool EW Zero to drive the decarbonization of public blockers.
The company is also working with various major universities to assess the energy consumption used in transactions involving digital assets, cash and credit cards. The company further said:
“We’re pouring more resources into initiatives that accelerate industry efforts, including:
- Comprehensively measure Ripple’s own carbon footprint and reduce it by purchasing clean, renewable energy for all of our offices and business activities worldwide.
- We are investing in innovative carbon removal technologies with the goal of eliminating all of our remaining emissions by 2030 – and developing the next generation of decarbonization technology on a large scale.”
Bitcoin (BTC), the world’s largest digital asset by market cap, is already being criticized in the cryptocurrency community for this energy consumption. The CEO of Tesla recently announced that it would no longer accept payments in Bitcoin for precisely this reason. Because of this, Ripple is trying to reduce its environmental footprint. The blockchain giant was also accused of having instigated the FUD energy consumption of Bitcoin.