Ripple Co-creates New Solution to Decarbonize Blockchains
The need for mainstream adoption of green energy across several industries in the world keeps increasing with every proceeding time. Green energy is one of the major ways to offset carbon emission, as it constitutes zero carbon. Now, the blockchain industry joins the movement for a greener planet via a partnership today with Ripple.
Ripple is the blockchain-powered payment company behind the fourth largest digital currency by market capitalization dubbed, XRP. The company kick-started the industry’s first move towards reducing its carbon footprints, following a press publication on Wednesday. To achieve carbon neutrality in the blockchain industry by 2030, Ripple entered a partnered with Energy Web Foundation.
Ripple Wants a Greener Blockchain Industry by 2030
Per the announcement, both entities developed a new open-source tool dubbed EW Zero. The tool is accessible to businesses and developers to decarbonize their blockchain, Ripple said. The tool achieves this by supporting entities to purchase renewable energy in markets around the world. By adopting the new tool. Ripple reportedly became the first-ever blockchain-related company to initiate a decarbonization move for its ecosystem.
While commenting on the need to shift to renewable energy, the CEO of Ripple, Brad Garlinghouse, said:
“As digital payments continue to evolve, we need to make long-term systemic shifts as an industry to ensure digital transformation doesn’t come at the cost of our planet. We are leading this change and urging all crypto players to hold themselves accountable–monitoring their energy consumption to make greener choices.”
The World Can Save $26 trillion With Green Energy
The development is part of Ripple’s move to achieve a carbon net-zero blockchain industry in the next ten years. In addition to reducing its carbon footprint through the new technology, the blockchain company has other plans to boost the movement. Among others, it plans to finance the development of solutions aimed at reducing the emission of carbons.
More so, the company intends to further its partnerships with innovative conservation organizations and academia with a similar goal. The blockchain payment company also noted that the world could save about $26 trillion in the next ten years. That’s if businesses and different sectors of the world come together to massively embrace renewable energy by that period.
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