Global Blockchain Business Council Praises Ripple’s XRP Ledger for Carbon Neutrality

Ripple plans to become carbon neutral by 2030.

The Global Blockchain Business Council (GBBC) has praised Ripple’s XRPL for being the world’s first major carbon-neutral blockchain.

In its last annual reportThe association hailed Ripple for being at the forefront of the movement towards a more sustainable future by using the XRP Ledger (XRP) as the foundation for its products and services.

“Ripple uses the XRP Ledger (XRPL), the world’s first major global carbon-neutral blockchain (since 2020), as the basis for its products and services. said the report.

Launched in 2017, the GBBC is the largest trade association for blockchain technology and digital assets, with over 200 ambassadors from more than 100 jurisdictions and disciplines.

@WKahneman first shared the development.

Highlights of the Global Blockchain Business Council’s Annual Report #Rippleits green initiatives and mentions XRPL as carbon neutral. Ripple is a member of GBBC. pic.twitter.com/8r67HhYjAp

— WrathofKahneman (@WKahneman) 2 May 2023

Ripple’s commitment to climate change

According to the report, Ripple’s commitment mitigating climate change has been demonstrated through its engagement with various actors such as the Alliance for Innovative Regulation (AIR). Through these partnerships, the blockchain firm has worked to move the crypto industry towards net-zero emissions and 100% renewable energy use.

In 2020, Ripple announced its goal of achieving carbon neutrality by 2030, and the company has been on track to achieve this goal faster than expected. Ripple’s commitment to a low-carbon future has been further demonstrated through its $100 million commitment to address the carbon issue, the most important pledge in the crypto sector to date.

Last May, Ripple CEO Brad Garlinghouse described this fund as a “direct response to the global call to action for companies to help tackle climate change.” He further emphasized that carbon markets are essential to achieving climate goals and that blockchain and crypto can improve these markets by providing more liquidity and traceability.

In the past, Ripple has also proposed “tokenization” as one of the best ways to tackle climate change. According to the firm, by using tokenization and decentralized governance, businesses can easily complete transactions that result in more accurate pricing and fairer returns for suppliers, driving progress toward climate goals.