Ripple announced that it is aiming to hit a carbon net-zero by 2030, adding its voice to the ever-evolving cryptocurrency sustainability pool. It has partnered with various sustainability leaders to achieve this goal.
Ripple Partners List Includes Bill and Melinda Gates Foundation
In a tweet shared on May 15, Ripple (XRP) created a link to a post on its website. This page describes many aspects of his environmental strategy. This includes a list of their partners, which already includes the Bill and Melinda Gates Foundation, the Mercy Corps, the Mojaloop Foundation and the Institute for Business and Social Impact.
In general, Ripple has partners from non-governmental organizations (NGOs) in more than 80 countries/regions.
Now sustainability leaders like the Renewable Energy Buyers Alliance (REBA), the Energy Network Foundation and Watershed have joined them. The page also states:
“Our current global financial system does not meet the needs of 1.7 billion unbanked people. “Digital assets and distributed ledger technology (DLT) have the potential to transform how unbanked and underbanked populations access basic financial services and send and receive money across borders, making it more accessible, affordable and secure.”
The report on the website also mentioned how the green XRP compares to the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). In particular, XRP only uses 63,000 gallons per 100 million transactions. At the same time, BTC is consuming nearly 4 billion gallons per 100 million transactions. ETH also used 239 million gallons.
The Environmental Impact of Cryptocurrencies
The environmental impact of cryptocurrencies has been the subject of much debate in recent weeks. Especially given that Elon Musk raised the issue of fossil fuel emissions caused by Bitcoin mining.
The businessman took such a strong stance on the matter that he discontinued BTC as the preferred currency for Tesla’s purchase. That decision caused the price of BTC to drop rapidly and break below the $50,000 threshold.
Even so, Musk’s decision could not be implemented without criticism. Tim Draper pointed out that the current banking system has created environmental problems. The global investor proposed, in line with Musk’s philosophy, also to stop accepting goods purchased with legal tender.
At the same time, other countries have taken other measures to protect the environment from BTC mining. On May 15, it was reported that the Iranian authorities would punish anyone found to be using household electricity for mining purposes.
Recent Update on XRP
This is an eventful moment for Ripple. The pending lawsuit against the US Securities and Exchange Commission continues. The next big event, in this case, is scheduled for May 17th and revolves mainly around the motion of John E. Deaton. Deaton plans to respond to Ripple’s and the SEC’s respective positions on their request. The SEC also hopes to respond to Ripple’s position in the motion.
However, this is not always the case. As of May 16, data shows that XRP has increased more than 12% in 24 hours. In terms of market capitalization, XRP is currently the fifth most important cryptocurrency.