International payments firm Ripple has announced that it plans to become carbon neutral by 2030.
According to a Sept. 30 announcement, Ripple has partnered with the Energy Web Foundation to launch an open source tool dubbed EW Zero that it said will help any blockchain firm that is looking to eliminate its carbon footprint.
The measures that XRP-based Ripple plans to take include comprehensively measuring and reducing its carbon footprint while also buying renewable energy for its offices, funding carbon sequestration technology, and expanding its partnerships with conservation organizations and academia. Ripple CEO Brad Garlinghouse said:
“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.”
Garlinghouse explained that industry players need to “make long-term systemic shifts as an industry to ensure digital transformation doesn’t come at the cost of our planet” as digital payments evolve. Furthermore, he also urged all the participants in the cryptocurrency space to hold themselves accountable and monitor their energy consumption.
Ripple developed EW Zero in partnership with the Energy Web Foundation. The tool enables blockchain firms to purchase renewable energy in their local markets. The brand new XRP Ledger Foundation will be the first organization to use this new tool.
In 2019, Energy Web launched the Energy Web Chain, an open-source, enterprise blockchain platform for the energy sector. Since then, EW has created the Energy Web Decentralized Operating System (EW-DOS), a “blockchain-plus” suite of decentralized solutions.
Ripple’s initiative is also seeing the participation of 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,” said 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.”
Modern Consensus founder Ken Kurson sits on the board of Ripple.