Ripple, a crypto solution company, will commit $ 100 million to its carbon removal goal by investing in a climate-oriented fintech company.
Blockchain-based payment networks aim to accelerate the acceleration of carbon removal technologies to bring about the modernization of the carbon market.
The carbon market allows businesses and individuals to trade carbon credits to offset CO2 emissions that some businesses have yet to find a way around.
These funds are reportedly directed to Ripple’s program portfolio to help reach net zero by 2030.
In addition to the same, the fund will support new features and developer tools to enhance carbon credit tokenization as a non-fungible token (NFT) for XRP ledgers.
CEO Brad Garlinghouse said the move by Ripple Labs “plays a catalytic role” in working to improve the carbon market.
“Summoning” on climate issues by Ripple
Brad Garlinghouse claims that the fund is a “direct response to global action calls” on climate change.
Garlinghouse also said that in order to curb carbon emissions and curb global temperature rise, companies are encouraged to dispose of resources along with talent as a global response to encourage carbon removal efforts. Stated.
Ripple has come to the fore to say that mining is useless because coins are a much more energy efficient cryptocurrency.
He added,
While emission reductions and the transition to a low-carbon future are paramount, the carbon market is also an important tool for achieving climate goals.Blockchain and crypto play a catalytic role in enabling the carbon market to reach its full potential, bringing more liquidity and traceability to fragmented and complex markets.
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Ripple is partnering with other companies to help reduce carbon emissions
The company also has partnerships with many other companies involved in the carbon market. These partnerships will help you reach your goal of reducing carbon emissions.
The company has partnered with carbon cure technology, a carbon mineralization company, and Xange.com, a tokenization startup. It is backed by the United Nations and finally Invert, a carbon offsetting company.
Ripple also works with the Energy Web Foundation, the Alliance for Innovative Regulation, and the Rocky Mountain Institute.
Monica Long, General Manager of Ripple X at Ripple, said:
Several carbon removal projects and fintechs are already built on XRPL to bring new climate solutions to market. By incorporating blockchain into the global climate initiative, the industry will validate and certify NFT carbon credits more quickly, eliminate potential fraud and ensure that Offset actually removes carbon in the long run. You can even do it.
Ripple co-founded Crypto Climate Accord. It has more than 500 members across the crypto and financial, technology, NGO, energy and climate sectors. Ripple is also a founding member of the World Economic Forum’s Crypto Impact and Sustainability Accelerator (CISA).
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