Ripple, CoinShares, ConSenSys Commit To ‘Green’ Crypto Practice In Latest Partnership
Ripple, CoinShares, and ConSenSys have all joined a private initiative to reduce crypto's carbon footprints.
The ambitious project called Crypto Climate Accord (CCA) is looking at making the cryptocurrency industry run 100% on renewable energy by 2025.
Ripple And 20 Others Join CCA
In an announcement shared on its website, blockchain firm Ripple Labs said it was joining a group of 20 other crypto companies to tackle the climate challenges.
Ripple said that the project was inspired by the Paris Climate Accord and duly led by the non-profit organization Energy Web and ‘responsible technology' advocate Alliance for Innovative Regulation (AIR).
The treatise is targeted at changing the crypto narrative.
Bitcoin is a major reason why climate experts are clamoring for changes in how crypto mining is done.
Bitcoin uses the proof-of-work (PoW) consensus protocol known to consume a lot of computing mining power to validate blockchain transactions.
And with China producing over 80% of global Bitcoin through coal-powered electric grids, the need for climate protection is becoming necessary, noted Ripple.
Ripple believes that the new CCA partnership would engender the crypto industry's transition to a net zero-emission sector by 2040. Additionally, the body would create an open-source accounting standard to measure emissions from the cryptocurrency industry.
Ripple CEO Brad Garlinghouse sees the project as challenging but a necessary one to address the growing climate situation. He also congratulated the CCA on its launch.
PCA Inspires CCA For Climate Change
Climate challenges have been a major problem for world governments.
With the ozone layer rapidly peeling and exposing humanity to more harmful ultraviolet rays from the sun, world leaders call for a roadmap to tackle this issue.
This outcry saw the Paris Climate Accord of 2016 birthed with many world leaders committing to the deal. But even at that, carbon emissions have continued to surge.
One of the sectors contributing the most to global pollution is the automobile industry which emits carbon monoxide into the environment.
Car companies like Tesla Inc. have thrived on the need to be carbon-free.
Lithium-ion batteries and zero fossil fuels notably power its luxury sedans. This has seen the innovative company become a darling of world leaders. With battery technology growing rapidly, many other automobile companies are also repositioning their car offering to electric.