Ripple plans to go carbon neutral by 2030.
The Global Blockchain Business Council (GBBC) has praised Ripple’s XRPL for being the world’s first major carbon-neutral blockchain.
In its latest annual report, the association lauded Ripple for being at the forefront of the movement toward a more sustainable future by using XRP Ledger (XRP) as the foundation for its products and services.
“Ripple uses the XRP Ledger (XRPL), the world’s first major global carbon-neutral blockchain (since 2020), as a foundation for its products and services,” said the report.
Launched in 2017, GBBC is the largest industry association for the blockchain technology and digital assets community, boasting over 200 ambassadors from more than 100 jurisdictions and disciplines.
@WKahneman first shared the development.
The Global Blockchain Business Council Annual Report highlights #Ripple’s green initiatives and mentions the XRPL as carbon neutral. Ripple is a member of the GBBC. https://t.co/Bv8YAMZUW0 pic.twitter.com/8r67HhYjAp
— WrathofKahneman (@WKahneman) May 2, 2023
Ripple’s Commitment to Climate Change
As per the report, Ripple’s commitment to mitigating climate change has been demonstrated through its involvement with various players like the Alliance for Innovative Regulation (AIR). Through these partnerships, the blockchain firm has been working towards moving the crypto industry towards net-zero emissions and 100% renewable energy use.
In 2020, Ripple announced its goal of achieving carbon neutrality by 2030, and the company has been on to achieve this goal sooner than expected. Ripple’s commitment to a low-carbon future has been further demonstrated through its $100 million commitment to addressing the carbon problem, the most significant pledge in the crypto sector to date.
Last May, Ripple CEO Brad Garlinghouse described this fund as a “direct response to the global call to action for companies to help address climate change.” He further emphasized that carbon markets are essential for achieving climate goals and that blockchain and crypto can enhance these markets by providing more liquidity and traceability.
In the past, Ripple has also proposed “tokenization” as one of the best ways to tackle climate change. As per the firm, by utilizing tokenization and decentralized governance, businesses can easily conduct transactions resulting in more accurate prices and fairer returns for suppliers, driving progress toward climate goals.