With cryptocurrency becoming more mainstream, energy consumption has reached near unsustainable records. By joining the Crypto Climate Accord, XRP has committed to work with other stakeholders and reduce its impact on the environment.
Ripple has announced its intention to reduce the environmental impact, focusing on better adopting sustainable measures. Taking to Twitter, Ripple announced its commitment to the Crypto Climate Accord, stressing the need to assess the impact of crypto on the environment and take steps to address it.
Building On Previous Partnerships
Last year, Ripple partnered with Energy Web (EW) and the Rocky Mountain Institute (RMI) as part of its endeavor to decarbonize blockchains. The XRP Ledger became the first significant blockchain to commit to sustainability and a lower environmental impact. Ripple also pledged to work towards achieving carbon net-zero by 2030.
As the next step in Ripple’s journey of achieving sustainability is committed to the Crypto Climate Accord (CCA). The Crypto Climate Accord is an initiative started by EW, RMI, and the Alliance for Innovation Regulation (AIR) to make the cryptocurrency industry sustainable and 100% renewable.
Working Towards A Sustainable Future With Other Stakeholders
Ripple is joined by 20 more supporters from different industries and blockchains to bring together the crypto industry and develop solutions that will enhance scalability, sustainability and create value for all involved.
The Crypto Climate Accord has taken inspiration from the Paris Climate Accord and focuses on decarbonizing cryptocurrencies and ensuring sustainability in the global financial system.
The Objectives Of The Crypto Climate Accord
The Crypto Climate Accord has outlined the following objectives it plans to focus on
- Help the world’s blockchains to shift to renewables by the 2025 UNFCCC COP Conference.
- Help measure emissions from the cryptocurrency industry through the development of an open-source accounting standard.
- Ensure that the entire crypto industry achieves net-zero emissions by 2040. This includes all business operations beyond the blockchain and retroactive emissions.
Ripple And Its Efforts To Achieve Carbon Neutrality
Ripple has reiterated its commitment to sustainability and is committed to lead the initiative from the front. The platform’s partnership with the Rocky Mountain Institute, Energy Web, and AIR is critical in achieving its goal.
The platform hopes that this partnership can ensure that key stakeholders come together with new ideas, technical innovations, and policy ideas that can help achieve the Crypto Climate Accord’s objectives.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.