Payments giant Ripple says it wants its operations to be carbon neutral within 10 years as the company aims to contribute to the sustainability of the crypto industry.
The San Francisco-based firm, which owns a significant portion of the global supply of XRP, says it is teaming up with non-profit organization XRP Ledger Foundation, energy-focused blockchain project Energy Web, and think tank Rock Mountain Institution to push for the decarbonization of public blockchains through the use of EW Zero, an open-source tool that enables energy buyers like blockchain firms to source emissions-free renewable energy.
Ripple also notes that it is spearheading new research in partnership with leading universities to assess the energy consumption involved in transactions across cryptocurrencies, credit cards, and cash.
In addition, the payments company says that it intends to invest in efforts that help reduce the company’s carbon footprint.
“We put more resources behind initiatives that accelerate the industry’s efforts, including:
- Comprehensively measuring Ripple’s own carbon footprint and reducing it by purchasing clean, renewable energy for all of our offices and business activities globally.
- Investing in innovative carbon removal technology, with the goal of removing all of our remaining emissions by 2030—and seeding the next generation of decarbonization technology at scale.”
Ripple’s pledge to reduce its environmental impact comes as Bitcoin (BTC) faces criticism of being an energy hog. Earlier this month, Tesla CEO Elon Musk said the electric car company is no longer accepting BTC as payment because of the energy required to mine the top crypto asset.
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