Ripple finances carbon market technology with USD $ 100 million

Ripple has announced that it has promised $ 100 million of funds for blockchain innovations to scale CO2 removal.

The financing that will flow in companies on the carbon markets is also intended for climate-oriented fintech startups, said Ripple on Thursday.

According to the Press release the funds will also flow into Ripple’s portfolio of programs that aim to help the company become net of net by 2030. Apart from that, Ripple will use the funds to support efforts to token carbon loans as non-non-fungable tokens (NFTS).

The company found that this will be done on the XRP Ledger (XRPL), whereby blockchain technology helps to ensure the authenticity of Carbon Credit NFTS.

A “call to action” on climate change

Brad Garlinghouse, the CEO von Ripple, noticed that the financingdirect answer from the company to the global call to action“On the climate change. He said that companies are encouraged to use resources and even talents as part of the global reaction to reducing emissions.

„While reducing emissions and the transition to a low -carbon future are of the greatest importance, carbon markets are also an important instrument for achieving the climate goals. Blockchain and crypto can play a catalytic role in the fact that carbon markets can exhaust their full potential by bringing more liquidity and traceability into a fragmented, complex market“Garlinghouse added.

Today, @Ripple is committing to invest $100M to modernize carbon markets globally, through investing in carbon removal companies and supporting growth in carbon credit tokenization functionality (Hear me out, NFTs aren’t just about digital art…) https://t.co/MYrxEO6WfN

— Brad Garlinghouse (@bgarlinghouse) May 19, 2022

According to the Ripple boss, the promise of $ 100 million is another step to ensure that the rising global temperatures are limited to less than 1.5 degrees Celsius.

Ripple has teamed up with several companies on the carbon markets to achieve its goals, including the carbon mineralization company Carboncure Technologies, the tokenization startup Xange.com and the carbon compensation company invert.

The company also works with the Energy Web Foundation, the Alliance for Innovative Regulation and the Rocky Mountain Institute.

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