Ripple to invest in carbon markets with a $100 million commitment that will help with the achieving of the climate goals so let’s read more today in our latest ripple news.
The blockchain company Ripple to invest $100 million to boost its carbon removal activities and aid in modernizing these markets with the help of investments in innovative carbon removal companies and sustainable financial tech platforms. According to the official press release, Ripple plans to create a portfolio of long-term nature and science-based carbon credits, and back innovative carbon removal tech companies and market makers.
Some of these will be utilized to meet the commitment to accomplish net-zero in less than a decade and the funding will focus on the support of new functionality and developer tools that will allow carbon credit tokenization of the core NFTs on the public XRP ledger. The Ripple Chief Brad Garlinghouse stated:
“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 went on to outline that blockchain technology and the crypto industry too can play a role in facilitating the carbon markets to achieve their potential by driving even more liquidity and traceability to what Garlinghouse thinks is a fragmented and complex market. Monica Long, the general manager of Ripple X is thinking that tokenizing carbon credit can play a huge role in the long run. As such, by integrating the blockchain with glboal climate initiatives, Long added that the industry could verify and certify the carbon credits but also remove fraud concerns and address the climate crisis accurately.
The commitment came on the heels of Ripple’s new partnership announcement with Lithuania’s FINCI and the move aims to offer retail remittances and B2B payments via RippleNet’s On-demand liquidity.
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