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
