Ripple has created a tool that allows blockchain companies to obtain renewable energy. And it will set an example
Although cryptomorphs – Bitcoin Loophole in particular – are not known for their environmental compatibility, Ripple is striving to abandon stigma by creating an open source tool for projects that reduce their carbon footprint.
Designed in collaboration with the Energy Web Foundation, a non-profit company, the tool called EW Zero will allow any blockchain to reduce carbon emissions by purchasing renewable energy in local markets around the world.
The XRP Ledger Foundation, the newly formed XRP token development centre, will be the first to employ EW Zero to offset carbon emissions from the grid.
„While the conventional adoption of blockchains and cryptomaps is encouraging, we must constantly assess how we innovate to ensure the future of global finance is sustainable,“ said Brad Garlinghouse, CEO of Ripple, adding: „As digital payments continue to evolve, we need to make long-term systemic changes as an industry to ensure that the digital transformation does not happen at the expense of our planet.
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The Ripple effect
Ripple’s personal plans provide for a commitment to carbon neutrality by 2030 through the purchase of clean and renewable energy; funding the development of carbon removal technology to eliminate remaining emissions and promoting partnerships among conservation organisations.
The Renewable Energy Buyers Alliance (REBA) and the Rocky Mountain Institute – two monoliths from the clean energy industry – are already negotiating with Ripple. With the two institutions, Ripple aims to drive the sustainability discourse in the broader financial sector and put the blockchain at the forefront of conservation efforts.
„Global finance is a key factor on the road to achieving a zero-emission energy future across the sector,“ said Jules Kortenhorts, CEO of the Rocky Mountain Institute. „Blockchain and digital assets are transformational technologies and will play a key role in the future of finance. Ripple is taking the lead to ensure that fintech is part of the effort to build a sustainable future that is transformative not only for banks and consumers, but also beneficial to the planet. “
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