This article was first published on Insights – Ripple
Addressing sustainability in fintech and crypto is more important than ever. As cryptocurrency becomes increasingly mainstream — with more financial institutions, companies like PayPal, Visa and Tesla and individual investors racing to leverage this technology — energy consumption has accelerated to already unsustainable levels.
The industry has a choice to make: Will we continue down an unsustainable path or can we work together and reduce our collective environmental impact? Last year, we partnered with Energy Web (EW) and the Rocky Mountain Institute (RMI) to decarbonize public blockchains — starting with the XRP Ledger, the first major global blockchain to do so. As a company, Ripple also pledged to achieve carbon net zero by 2030 or sooner.
Today, we’re excited to announce the next step in Ripple’s sustainability journey: our commitment to 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% renewable.
Ripple is joining over 20 supporters across different industries and blockchains, including the United Nations, CoinShares, Compass Mining, the XRP Ledger Foundation and ConsenSys to ensure that the crypto industry comes together to develop solutions that enhance sustainability, scalability and create value for all.
Ensuring a Sustainable Future, Together
The crypto market cap is nearly $2 trillion today — double the previous all time high, reached just three months ago — underscoring how quickly this industry is growing.
But this comes at a cost. Globally, the damages from climate change will amount to almost 3% of GDP by 2060. Herein lies the crux of the challenge moving forward: how can both the environment and global finance prosper without negatively impacting one another?
It starts with companies across the spectrum of finance coming together to address and prioritize ...
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Insights – Ripple