Payment giant Ripple wants its operations to become carbon neutral within 10 years as the company strives to contribute to the sustainability of the crypto industry.
The San Francisco-based company, which owns a significant portion of the global XRP offering, claims to be working with the nonprofit XRP Ledger Foundation, the energy-focused blockchain project Energy Web, and the Rock Mountain Institution think tank to drive decarbonization public blockchains through the use of EW Zero, an open source tool that enables energy buyers such as blockchain companies to obtain emission-free renewable energy.
Ripple also notes that it is leading new research in collaboration with leading universities to assess energy use in transactions involving cryptocurrencies, credit cards, and cash.
In addition, the payment company intends to invest in measures that will help reduce the company’s carbon footprint.
“We’re putting 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.
- Investing in innovative carbon removal technology with the goal of eliminating all remaining emissions by 2030 – and deploying the next generation of decarbonization technology on a large scale. “
Ripple’s promise to reduce its environmental footprint comes from Bitcoin (BTC) being criticized for being an energy hog. Earlier this month, Tesla CEO Elon Musk said the electric car company is no longer accepting BTC as a form of payment because the energy is required to mine the top crypto asset.
Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the daily Hodl mix
Featured image: Shutterstock / JoeyCheung