Ripple, a leading provider of enterprise blockchain solutions for payments, is committing to be carbon net-zero by 2030, the first company in the blockchain industry to do so. As part of this goal, Ripple today unveils several initiatives to lead global finance toward a carbon-neutral future, including the launch of an open-source tool that helps enable any blockchain to decarbonize.
Addressing sustainability has become a global priority as the world works together to achieve carbon net-zero by 2050. Financial technologies, including blockchain and cryptocurrency, are well-positioned to lead global finance’s commitment to a sustainable future, with new research suggesting now through 2023 are the most critical years of adoption growth for crypto. As the world becomes increasingly digital, ensuring fintech is sustainable becomes even more critical. Ripple is committing to lead this effort with strategic technology and conservation organizations, including REBA and Rocky Mountain Institute.
“Global finance is a key driver on the path to achieving a zero-net emissions energy future industrywide,” says Jules Kortenhorts, CEO of Rocky Mountain Institute. “Blockchain and digital assets are transformative technologies and will play a pivotal role in the future of finance. Ripple is taking the lead to ensure fintech is part of the effort to build a sustainable future that is not only transformative for banks and consumers, but also beneficial for the planet.”
In partnership with Energy Web Foundation, Ripple has co-created EW Zero, a new, open-source tool that will enable any blockchain to decarbonize through the purchase of renewable energy in local markets worldwide. Following today’s release, any blockchain developer can access and leverage the tool. The XRP Ledger Foundation will be the first to use Energy Web Zero to ensure offsets are purchased for consumption on the XRP Ledger.
“While the mainstream adoption of blockchain and crypto is encouraging, we must constantly evaluate how we innovate to ensure the future of global finance is sustainable,” says Brad Garlinghouse, CEO of Ripple. “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.”
In order to truly lead a sustainable future for global finance, Ripple is committing to achieve carbon net-zero by 2030. Within this timeframe, the company plans to:
- Comprehensively measure and reduce its carbon footprint, and buy clean, renewable energy in markets where Ripple has offices and employees.
- Fund innovative carbon removal technology, with the goal of removing all remaining emissions.
- Expand partnerships with innovative conservation organizations and academia.
The adoption of sustainable measures across industries to reduce carbon emissions can save the global economy an estimated $26 trillion by 2030. As fintech technology becomes increasingly more prominent, the greater the opportunity for fintech to lead in making a carbon-neutral future for global finance a reality.