- Ripple has allocated $100 million to bolster carbon removal and scale carbon markets, using the XRP Ledger (XRPL) to tokenize high-quality carbon credits.
- With Ripple’s backing, the CarbonCure initiative plans to reach 500 million metric tons of annual CO2 reduction and removal by 2030.
In the face of our urgent climate crisis, Ripple, a significant player in the blockchain sector, has demonstrated a laudable commitment to environmental responsibility. Responding to the worldwide call for corporate climate action, Ripple pledged $100 million in May 2022, a significant financial commitment aimed at modernizing and scaling carbon markets and accelerating carbon removal endeavors.
We're excited to share our 2022 #RippleImpact Report.
From industry-leading sustainability commitments to funding innovative financial inclusion pilots and blockchain research, take a look at Ripple Impact's milestones and the partners that made it all possible.
— Ripple (@Ripple) June 7, 2023
Utilizing the transformative potential of blockchain, Ripple is pioneering the tokenization of high-quality carbon credits on the XRP Ledger (XRPL). This approach allows producers to rapidly and efficiently bring their products to market, a revolutionary leap in the carbon market sector.
Ripple’s commitment extends beyond financial investment. The company is actively supporting high-impact carbon removal projects, including the pre-purchase of carbon credits from BC Biocarbon and CarbonCure in 2022, symbolizing the future elimination of approximately 120,000 tonnes of CO2.
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Several innovative carbon removal businesses, such as CarbonCure, Carbon Title, and NewLight Technologies, are already developing on the XRPL, employing blockchain to certify and verify tokenized carbon credits. Ripple’s investment will drive CarbonCure’s scaling efforts, supporting their mission to reach 500 million metric tons of annual CO2 reduction and removal by 2030, equivalent to taking 100 million cars off the road each year.
Ripple distinguished itself as the first blockchain company to vow to reach carbon net-zero by 2030. Its dedication to reducing emissions, increasing the use of clean energy, and purchasing additive, long-term, nature and science-based carbon credits has put the company on track to achieve its goal ahead of schedule, by 2028. To accurately gauge and minimize its carbon footprint, Ripple collaborates with Watershed, a prominent ESG advisor.
In September 2022, Ripple joined The Climate Pledge, underscoring their commitment to sustainable practices and aligning with companies sharing a mutual dedication to climate action.
Ripple, Solana, CELO, and the Global Blockchain Business Council (GBBC) are among the founding members of Blockchain for Climate (BxC), a global network of industry stakeholders working cooperatively to govern climate-related blockchain initiatives and launch real-world cross-chain climate projects. This coalition of blockchain and climate leaders seeks to scale and modernize carbon markets with a focus on climate impacts, stakeholder collaboration, inclusion, and equity.
In their ongoing advocacy for sustainability, Ripple has set a target for the crypto industry: 100% renewable energy use and net-zero carbon emissions. As a founding member of the Crypto Climate Accord, WEF’s Crypto Impact and Sustainability Accelerator (CISA), and the recently founded BxC, Ripple is leading the charge toward a more sustainable future for the blockchain and crypto sectors.
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