On April 8, Ripple issued a press release where it informed what its next step would be to increase the sustainability of the crypto company: Join the Crypto Climate Accord!
Ripple will work for a sustainable crypto market
Ripple drew attention through its press release emphasizing the need to address sustainability in fintech and crypto. Why? Well, as we have previously noted in CryptoTendency, the environmental impact of the industry has raised alarms as adoption increases.
«As the price of Bitcoin rises, the energy consumption and carbon footprint of mining … continues to escalate aggressively. And we cannot lose sight of the fact that a Bitcoin transaction is equivalent to burning 75 gallons of gasoline.Brad Garlinghou explained in an interview with Bloomberg.
Therefore, energy consumption by the crypto market, especially fossil energy, has increased to worrying levels.
In this way, Ripple has decided to join the Crypto Climate Accord (CCA), a new initiative organized by EW, RMI and the Alliance for Innovation Regulation (AIR) to make the cryptocurrency industry 100% sustainable.
This is how Ripple joins more than 20 supporters in different industries, including CoinShares, Compass Mining, XRP Ledger Foundation, and ConsenSys.
A sustainable future
“The crypto market capitalization is almost $ 2 trillion today, double the previous all-time high, reached just three months ago, underscoring how quickly this industry is growing.», Alerts the statement.
However, nothing is free in life and there are always consequences. In this case, the growth of the crypto market has meant that, globally, “the damage caused by climate change will amount to almost 3% of GDP by 2060,” the statement explained.
Specifically, the key goals of the crypto deal are as follows, according to Ripple:
- Allow all Blockchains in the world to run 100% on renewable energy by the 2025 UNFCCC COP Conference.
- Develop an open source accounting standard to measure emissions from the crypto industry.
- Achieve net zero emissions for the entire crypto industry; including all business operations beyond the blockchain and retroactive emissions to 2040.
Therefore, taking into account the dangerous impacts of the growth of the crypto industry and the objectives of the CCA, Ripple is «Undertakes to lead this effort… and our strategic partnership with organizations like the Rocky Mountain Institute, Energy Web and AIR… they are a critical component to achieving sustainability. “
We want to know your opinion! What do you think about Ripple’s efforts to make the crypto market sustainable? You’ll make it?