Ripple has announced a $100 million investment in combating climate change. This funding will help accelerate the modernization of the carbon credit market.
Today, we’re committing $100M to invest in carbon markets.♻️
We’re excited to accelerate progress toward global climate goals by investing in high-quality, scalable carbon removal & deploying blockchain to power more transparent & dynamic carbon markets.https://t.co/MdcpOh5fco
— Ripple (@Ripple) May 19, 2022
Ripple invested $100 million into combating climate change
The carbon market allows companies and individuals to trade carbon credits to offset CO2 emissions that some companies cannot eliminate. Ripple also said it would invest in a new function that will enable the tokenization of carbon credits.
CEO Brad Garlinghouse claims that the blockchain company can play a “catalyst role” in improving the carbon market.
Today, @Ripple is committing to invest $100M to modernize carbon markets globally, through investing in carbon removal companies and supporting growth in carbon credit tokenization functionality (Hear me out, NFTs aren’t just about digital art…) https://t.co/MYrxEO6WfN
— Brad Garlinghouse (@bgarlinghouse) May 19, 2022
The blockchain company has been proud of its green credit for a long time. Last October, Garlinghouse remarked that a single Bitcoin transaction consumes 75 gallons of gas to highlight the wastefulness of mining. XRP is being touted as an energy-efficient alternative.
A recent study shows that combining crypto trading with carbon offsets can significantly reduce the environmental impact of the largest cryptocurrency. Due to the lack of regulation, Bitcoin miners have begun to focus on achieving carbon neutrality.
One of the US Ripple and Greenpeace co-founders, Chris Larsen recently launched a campaign targeting Bitcoin’s proof-of-work consensus mechanism. Larsen claims that Bitcoin developers can switch to proof of stake to significantly reduce the energy consumption of the leading cryptocurrency.
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