Ripple Labs is announcing a $100 million investment fund that will see carbon credit non-fungible tokens (NFTs) come to the XRP Ledger.
According to a new press release, Ripple’s new initiative aims to expedite carbon removal activities and technologies as well as help streamline carbon-focused fintech and crypto projects.
“The funding will continue to support new functionality and developer tools that enable carbon credit tokenization as core non-fungible tokens (NFTs) on the XRP Ledger. This commitment will help progress towards globally agreed climate goals to limit global temperature rise to 1.5 degrees Celsius.”
Ripple’s investment is part of its goal to be completely carbon neutral by 2030. According to the press release, the XRP Ledger became a carbon-neutral blockchain in 2020, and Ripple itself is on track to become carbon neutral by 2028.
As stated by Monica Long, general manager of RippleX, the investment and development arm of the San Francisco-based firm.
“Tokenizing carbon credits can play a vital role in scaling carbon markets and meeting growing demand while ensuring the credibility, integrity and transparency of existing markets. Several carbon removal projects and fintechs are already building on the XRP Ledger to bring new climate solutions to market.
By bringing blockchain to global climate initiatives, the industry can more quickly verify and certify NFT carbon credits, eliminate the potential for fraud, and even guarantee the offset is actually removing carbon for the long term.”
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