Ripple Commits $100M To Global Carbon MarketsMay 19, 2022 11:49 am
Ripple just announced that it would be committing $100 million to the global carbon markets as part of its efforts to accelerate carbon removal and lead innovation in the space.
The funding will specifically be used to help fund innovative carbon removal companies that have high potential and other fintech companies within the space that aim to tackle climate change.
As part of Ripple’s overall long term strategy, the focus on carbon credits will also continue to grow as the company has decided to start building a portfolio that includes carbon credits.
Carbon credit tokenization and further integration with the Ripple blockchain will be critical pieces that the company has decided to commit to.
As a result, it is expected that Ripple will be come a leader in this growing industry as the carbon credit market will likely become on of the fastest growing markets in the coming years.
Ripple to invest US$100 mln for carbon removal in race to zero emissions https://t.co/B3zybfGUAX
— Crypto News Wire (@CryptoNewsWire1) May 19, 2022
To meet climate goals on a global scale, carbon markets need enhanced mechanisms for project verification and certification; greater transparency in pricing and market data; and improved infrastructure for both buyers and suppliers.
Blockchain and crypto, with innate qualities of transparency, verification and scalability, can help address many of the market’s biggest obstacles to growth and efficacy.
“Our $100 million commitment is a direct response to the global call to action for companies to help address climate change by deploying resources, including innovative technology, strategic capital and talent.
While reducing emissions and transitioning to a low-carbon future are paramount, carbon markets are also an important tool for meeting climate goals.
Blockchain and crypto can play a catalytic role in allowing carbon markets to reach their full potential, bringing more liquidity and traceability to a fragmented, complex market,” said Brad Garlinghouse, CEO of Ripple.
For investors that are looking for an estimated timeline on how this new funding plays into the company’s strategy, it is expected that Ripple will be able to go carbon neutral by 2030.
So far, Ripple is already on track to achieve that by the year 2028 and achieving this goal would make Ripple the first major blockchain in the world to become carbon neutral.
The $100M funding will specifically be used to build the portfolio of carbon credits, invest in carbon-removal technology, and support new functionality for carbon market solutions that are built directly on top of XRPL.
New projects will also be able to take advantage of RippleNet’s existing technology that has already achieved international adoption in many regions of the world.
Ripple to Invest $100 Million in Climate-Focused Fintech and Carbon-Reduction Technologyhttps://t.co/B69KPBFUxx
— Watcher.Guru (@WatcherGuru) May 19, 2022
Ripple is partnered with field leading carbon removal companies and carbon market makers.
These include CarbonCure Technologies, whose suite of technologies permanently store captured CO2 in concrete through carbon mineralization; Xange.com, a climate focused fintech (backed by the UN), which is building its carbon credit verification, tokenization and exchange functionality on XRPL; and Invert, a carbon offsetting company to source and invest in high-quality carbon credit generation projects.
In addition, Ripple is working alongside key climate players, including Energy Web Foundation, Rocky Mountain Institute and the Alliance for Innovative Regulation.
Ripple co-founded the Crypto Climate Accord, which has enlisted over 500 members spanning the crypto and finance, technology, NGO, and energy and climate sectors, since launching in April 2021.
Ripple is a founding member of the World Economic Forum’s Crypto Impact and Sustainability Accelerator (CISA).
Ripple is committing $100 million to help modernize and scale carbon markets and accelerate the supply of carbon removal. Previously, Ripple staff criticized #Bitcoin for not being environmentally friendly enough and POW should be revised.
— 𝗙𝘂𝘁𝘂𝗿𝗲 𝗶𝘀 𝗻𝗼𝘄 🦈 (@Futureistody) May 19, 2022
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