Ripple to invest US$100 mln for carbon removal in race to zero emissions
Blockchain-based payments network Ripple announced its plans to invest US$100 million in climate-focused fintechs and carbon removal technology for the modernization of carbon markets, the company said in a press release.
See related article: How blockchain is solving the climate crisis
Fast facts
The funding will also continue to support new functionality and developer tools that enable carbon credit tokenization as non-fungible tokens (NFTs) on the XRP Ledger (XRPL).
Ripple said it will build a portfolio of additive, long-term, nature and science-based carbon credits, some of which will be used to meet its own commitment to be carbon net-zero by 2030.
According to the 2015 Paris Accord, 196 parties have committed to reducing global warming below 2°C, which requires 2010 global carbon dioxide emissions levels reduced by 45% by 2030.
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, Ripple said in its statement.
Ripple co-founded the Crypto Climate Accord in 2021, which has enlisted over 500 members.
See related article: OCBC Bank joins MVGX in push to help firms go carbon neutral