Ripple has created a tool called EW Zero that makes it easier for blockchain projects to use renewable energy sources. The XRP Ledger Foundation will be the first to use it.
The EW Zero tool, developed in partnership with the non-profit Energy Web Foundation, will reduce the carbon footprint of any blockchain by purchasing renewable energy from local markets around the world. The XRP Ledger Foundation, the newly formed XRP cryptoasset developer fund, will be the first to use EW Zero to reduce the carbon footprint of the network.
“The massive adoption of blockchain and cryptocurrencies is encouraging and we must continually assess how we innovate to ensure the sustainability of the future of global finance,” said Ripple CEO Brad Garlinghouse. “As digital payments continue to evolve, we need to make long-term systemic changes to the industry so that digitalization does not come at the expense of the planet.”
According to Ripple, by 2030, the company will achieve carbon neutrality by purchasing clean and renewable energy, financing the development of technology to reduce carbon emissions, and forging partnerships with environmental organizations. The Renewable Energy Buyers Alliance (REBA) and the Rocky Mountain Institute are already in talks with Ripple.
“The international financial system is key to achieving a zero-carbon future for the industry,” said Jules Kortenhorts, CEO of the Rocky Mountain Institute. “Blockchain and digital assets are revolutionary technologies that will play a key role in the future of finance.”
As a reminder, in January, Mercedes Benz and startup Circulor launched a blockchain pilot project to track cobalt and carbon emissions. In March, the Yale University OpenLab team said it would use blockchain, sensors on the Internet of Things, and other data processing tools to measure and track carbon emissions.
In addition, in the summer, Microsoft, together with universities in Germany and Denmark, released a paper outlining the potential benefits of blockchain for creating an international carbon market.
