Ripple commits $100M to Invest in Carbon Markets in Its Latest Push for Sustainability

Ripple, a blockchain company, has committed $100 million to help accelerate carbon removal and modernize these markets through investments in innovative carbon removal companies and sustainable financial tech platforms.

According to the official press release, Ripple also plans to create a “portfolio of additive, long-term, nature and science-based carbon credits, back innovative carbon-removal technology companies and market makers.”

Some of these funds will be used to help the company meet its commitment to net-zero within a decade. The funding will also focus on supporting new functionality and developer tools that allow carbon credit tokenization as core NFTs on the public blockchain – XRP Ledger (XRPL).

Ripple Chief Brad Garlinghouse spoke out about the commitment.

“Our $100 million commitment is a direct response to the global call to action for companies to help address climate change by deploying resources, including innovative technology, strategic capital, and talent. While reducing emissions and transitioning to a low-carbon future are paramount, carbon markets are also an important tool for meeting climate goals.”

He also went on to highlight that blockchain technology and the cryptocurrency industry too can play a catalytic role in facilitating carbon markets to achieve their full potential by driving more liquidity and traceability to what Garlinghouse believes is a “fragmented, complex market.”

Monica Long, RippleX General Manager, disagrees. She believes tokenizing carbon credit can be a key part of the long-term.

Long stated that the industry can verify and certify NFT Carbon credits by integrating blockchain technology with global climate initiatives. This will remove fraud concerns and help address climate crisis.

The commitment comes on the heels of Ripple’s new partnership announcement with Lithuania’s FINCI.

As reported earlier, the move aims to offer retail remittances and B2B payments via RippleNet’s On-Demand Liquidity (ODL).

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