- Ripple announced an allocation of $100 million for bolstering the global carbon market.
- The company is taking part in tokenizing carbon credits.
- In addition, Ripple is aiming to achieve a net-zero carbon footprint by 2030.
Ripple has announced that it will be allocating up to $100 million to “scale and strengthen” global carbon markets.
According to the press release, the said amount will be used to invest in companies and startups that focus on this area.
The funding will accelerate carbon removal activity and help modernize carbon markets through investments in innovative carbon removal companies and climate-focused fintechs.
The company also said that it will build a portfolio of long-term and efficient carbon credits to enable it to meet its net-zero carbon footprint by 2030. On top of these, Ripple also signed partnerships with the Energy Web Foundation and the XRP Ledger Foundation to ensure the success of this endeavor.
CEO Brad Garlinghouse added that blockchain technology and cryptocurrency can play a crucial role in bringing more liquidity and traceability to the carbon market. What is more, Ripple is taking part in tokenizing carbon credits and is collaborating with companies such as UN-backed climate-focused fintech firm Xange.com.
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