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Ripple commits $100M to scale climate-related innovations

 


Ripple has announced that it has committed $100 million in funding for blockchain innovations designed to scale carbon removal.


Funding that will flow to companies in carbon markets is also earmarked for climate-focused fintech startups, Ripple said on Thursday.


According to the press release , the funds will also flow into Ripple's portfolio of programs aimed at helping the company become net zero by 2030. Aside from that, Ripple will use the funds to support efforts to tokenize carbon credits as non-non-fungible tokens (NFTs).


The company noted that this will be done on the XRP Ledger (XRPL), with blockchain technology helping to ensure the authenticity of carbon credit NFTs.


A “call to action” on climate change

Brad Garlinghouse, Ripple's CEO, noted that the funding is the company's "direct response to the global call to action " on climate change. He said companies are being encouraged to commit resources and even talent as part of the global response to reduce emissions.


“ While reducing emissions and moving towards a low-carbon future are of paramount importance, carbon markets are also an important tool to achieve climate goals. Blockchain and crypto can play a catalytic role in enabling carbon markets to reach their full potential by bringing more liquidity and traceability to a fragmented, complex market, ” Garlinghouse added.



According to the Ripple boss, the $100 million pledge is another step to ensure rising global temperatures are kept below 1.5 degrees Celsius.


Ripple has partnered with several companies in the carbon markets to achieve its goals, including carbon mineralization company CarbonCure Technologies, UN-backed tokenization startup Xange.com, and carbon offsetting company Invert.


The company also works with the Energy Web Foundation, the Alliance for Innovative Regulation and the Rocky Mountain Institute.

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