Ripple, the blockchain payment company behind the XRP cryptocurrency, has commenced the first carbon net-zero movement in the blockchain industry. As different sectors of the world continue to solve their way to a healthy ecosystem, the blockchain industry has opted to join the trend as well, as displayed by the payment company today.
Ripple pushes for greener crypto ecosystem
Together with the Energy Web Foundation, Ripple revealed in a press statement on Wednesday that it has developed a special tool that will help in the decarbonization of different blockchains. Dubbed EW Zero, the open-source solution will achieve this by facilitating the buying of renewable power in the local markets around the world.
The tool is reportedly open for blockchain developers to utilize. However, the XRP Ledger Foundation will become the first entity that will offset its carbon footprint via the technology. The blockchain company explained that the development today is part of their broader plan to attain a net-zero carbon ecosystem in the next ten years.
Companies in the industry need to make the shift to green energy an objective, as digital payments continue to advance, said Brad Garlinghouse, the CEO of the blockchain company, Ripple. This will ensure that the companies and industries do not contribute to endangering the planet. Having initiated the move, Garlinghouse urged other blockchain companies to follow their step.
A greener planet
Besides Ripple’s plan to reduce its carbon footprint by harnessing renewable energy, the blockchain company also plans to fund the development of carbon removal solutions to ensure a greener planet. Additionally, it will continue its collaboration with innovative conservation academia and organizations, per the announcement.
Based on estimation, the world will be able to about $26 trillion in the next decade, if businesses, blockchain companies, and others, increasingly adopt sustainable solutions geared towards carbon reduction.