Ripple announces goal of achieving net-zero carbon emissions for cryptocurrency industry by 2040

Blockchain-based overseas remittance platform Ripple is the’Crypto Climate Accord’ signed by the Energy Web Foundation, Alliance for Innovative Regulation and Rocky Mountain Institute. Support’.

According to the Ripple press release, the’Cryptocurrency Climate Agreement’, inspired by the Paris Climate Agreement, responds to the sustainability issues of cryptocurrency that have been raised continuously with the goal of converting the cryptocurrency industry to 100% renewable energy by 2030. do. The Cryptocurrency Climate Agreement is a privately-led agreement across the industry, including private companies, NGOs, and individual associations, and acts as a framework for the decarbonization of the cryptocurrency industry.

This agreement, which was signed under the leadership of the Energy and Tech Environment Group Energy Web Foundation, Rocky Mountain Research Institute, and the Innovation Regulation Alliance, includes Ripple, XRP Leisure Foundation, Coinshares, UN Convention on Climate Change, Consensys, and Web 3 Foundation. Leading tech companies and non-profit organizations participate as support groups.

Companies and organizations participating in the agreement will come up with specific implementation plans that contain progress, tools, and resources to achieve the goals developed jointly with key members of the cryptocurrency industry. Until the end of 2021 ▲ Until the end of the 2025 UN Convention on Climate Change (COP), 100% of the world’s blockchains are powered by renewable energy ▲ Open source accounting standards for the measurement of emissions from the cryptocurrency industry Prepared ▲ By 2040, we will push forward three goals to achieve net-zero carbon emissions of the entire cryptocurrency industry, including blockchain operation, and to retroactively offset all past debt emissions.

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With the recent announcement of Visa’s support for bitcoin payments and the NFT fever, the number of mainstream companies and individuals introducing cryptocurrency is gradually increasing. At the same time, concerns about intensive energy consumption and carbon emissions in the cryptocurrency industry are spreading.

The Cryptocurrency Climate Agreement plans to respond to these concerns in various ways through cooperation with key companies and organizations in related industries. Climate groups are expected to contribute to climate change by effectively managing rapidly growing power loads through this agreement. The clean technology industry is expected to accommodate a new customer base with great energy demands, and the cryptocurrency industry is expected to maximize the use of cryptocurrencies, making it a more sustainable and scalable industry.

Meanwhile, Ripple has declared that it will achieve zero net carbon emissions by 2030. In addition, it is continuing its efforts for the sustainability of cryptocurrency as an industry leader by actively measuring Ripple’s carbon footprint, using renewable energy in all businesses, and investing in carbon removal technologies.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.