California-based payments giant Ripple aims its operations to be carbon neutral within 10 years as the company plans to contribute to the sustainability of the crypto industry.
The San Francisco-headquartered company, which owns a major portion of the global supply of XRP, says it is teaming up with non-profit organization XRP Ledger Foundation, energy-focused blockchain project Energy Web, and think tank Rock Mountain Institution to drive the decarbonization of public blockchains through the use of EW Zero, an open-source tool that enables energy buyers like blockchain firms to source emissions-free renewable energy.
Ripple points out that it is leading a new research in partnership with top universities to assess the energy consumption used in cryptocurrency, credit card and cash transactions.
Also, the company indicates that it is planning to invest in efforts leading to reduce the company’s carbon footprint.
“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.”
Ripple’s plan to reduce its environmental impact comes amid criticism towards Bitcoin (BTC) of using too much energy. Earlier this month, Tesla CEO Elon Musk said the electric car company is cannot endorse accepting BTC as payment method due of the energy required to mine the top crypto asset, which is against the ethos of Tesla.
