The partnership resulted in the launch of an NGO leveraging crypto-based initiatives to combat climate change.
Ripple, the American technology company in charge of the Ripple blockchain, has partnered with the Solana Foundation to promote crypto-based initiatives for climate action. The partnership, which also involved the Global Blockchain Business Council (GBBC), resulted in forming a new non-governmental organization dubbed Blockchain x Climate Leadership Network (BxC).
GBBC is one of the top global blockchain-focused industry associations. The formation of BxC will mark the start of collaborative efforts between Ripple and the Solana Foundation to promote the use of crypto-based solutions to address climate change.
The blockchain entities announced the launch of BxC at the ongoing World Economic Forum (WEF) 2023 meeting in the Swiss city of Davos, according to CoinDesk, which first reported the development today. Ripple and the Solana Foundation are the organization’s founding partners, while Regen Network and Climate Collective serve as supporting partners. GBBC and Eqo Networks are championing the initiative.
“I think the climate use case makes the most sense in terms of real-world utility beyond, let’s say, speculative retail involvement,” Daniel Hwang, Strategic Adviser at BxC, remarked. According to Hwang, the team behind the initiative has been holding workshops and seminars in the past two and a half years to educate the public on the movement.
Blockchain Can be Leveraged for Climate Action
As the world looks to mitigate greenhouse gas emissions to address the growing concern of climate change, several groups have highlighted the significance of blockchain technology and blockchain-based entities in this movement. The United Nations Environment Programme noted the importance of blockchain in the fight against climate change in January 2022.
The Solana Foundation and Ripple have repeatedly affirmed their respective goals to champion climate action initiatives. In 2021, the Solana Foundation announced that it would bankroll refrigerant destruction to reduce carbon emissions.
Ripple has also repeatedly reiterated its commitment to contributing to a low-carbon future. The technology company signed the climate pledge in this regard. In 2020, the firm announced a goal to go carbon-zero by 2030. It has also funded several movements aimed at reducing carbon emissions.
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