Ripple has reiterated its commitment to contributing to a low-carbon future as it states its reasons for signing the Climate Pledge.
Ripple, the American technology company behind the XRP Ledger and its native token, recently reaffirmed its commitment to contributing to a low-carbon future for the planet as it sought to highlight the reasons behind its decision to sign the Climate Pledge two months back.
The official Twitter handle of the Climate Pledge initiative recently disclosed the development. “Signatory Ripple tells us about their commitment to a low-carbon future for the crypto industry and global economy in this essay about why they joined #TheClimatePledge,” the Twitter account remarked Wednesday, sharing a link to an official article with details on Ripple’s commitment efforts.
— The Climate Pledge (@climatepledge) November 30, 2022
Being a signatory of the Climate Pledge initiative, Ripple Labs has pledged its commitment to ensuring that the earth’s carbon levels are as low as possible in the coming decades. To this end, the firm has made several moves in the recent past to make sure that this goal remains on track.
Recall that Ripple became a signatory of the Climate Pledge initiative on September 20 and several other companies. The total number at the time increased to 375+ firms from 51 industries across 29 nations. The Climate Pledge ensures that global warming is kept at 1.5 degrees Celsius or below. Accordingly, the entities that have pledged guarantee a net-zero emission by 2040.
Ripple’s Partnerships and Investments Towards Ensuring a Greener Planet
Being one such entity, Ripple’s commitment has been underscored by recent developments. The technology firm has formed partnerships with notable climate advocacy groups, such as REBA and the Rocky Mountain Institute, as it works with them to achieve net-zero emissions. Ripple has partnered with Alliance for Innovative Regulation to promote the crypto industry’s transition to a 100% renewable energy scene.
In September 2020, Ripple became the first crypto company to announce a commitment to go carbon-zero by 2030 and has launched plans to ensure the goal is achieved by 2028. The firm has since then taken steps to mitigate carbon emissions, invested in climate initiatives, and championed renewable energy use.
Furthermore, in May, Ripple pledged $100 million in support of carbon markets in one of its investments toward climate initiatives, as reported by The Crypto Basic. The funds would be leveraged in carbon removal activities and support carbon markets through investments in entities dedicated to mitigating climate change.
Several notable sustainability projects leverage Ripple’s climate-friendly On-Demand Liquidity platform through numerous partnerships. These entities include Carbon Cure, Xange, Thallo, and Carbon Title.
On April 12, Ripple signed the world’s largest purchase agreement for carbon credits in collaboration with Carbon Cure and Invert. This was after an earlier partnership with Invert. Furthermore, Thallo partnered with Ripple in October to launch an innovative marketplace to bring together carbon credits buyers and sellers. Ripple was also one of the investors that ensured the success of Thallo’s $2.5M seed round last month.