The San Francisco-based blockchain cross border remittance payments company Ripple is planning on making all of its operations carbon neutral by the year 2030. It has revealed its plans for the next ten years in which it intends to achieve Carbon net-zero. The main purpose of the company behind achieving carbon net-zero is that it wants to maintain the cryptocurrency industry’s sustainability with its contribution.
While unveiling its future plans regarding the achievement of carbon neutrality, the United States-based blockchain payments giant stated that it is going to partner with Rock Mountain Institution, Energy Web (a blockchain project focused on energy),and XRP Ledger Foundation (a non-profit organization). The purpose of these partnerships is to utilize the open-source tool EW Zero for pushing public blockchians’ decarbonization.
In addition to that, the company stated that it is also collaborating with various major Universities for assessing the energy consumption which is used in transactions of digital assets, cash, and credit cards. The company further said:
“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.”
Bitcoin (BTC), the world’s largest digital asset by market capitalization is already being criticized in the cryptocurrency community over this matter of energy consumption. Recently, the Chief Executive Officer of Tesla announced to stop accepting payments in Bitcoin over this very reason. That’s why Ripple is trying to work on lowering its environmental impact. The blockchain giant was also accused of instigating the energy consumption FUD of Bitcoin.