- Ripple is now a member of the Crypto Climate Accord
- The organization brings together like-minded companies to lead sustainability in blockchain and crypto
- The Crypto Climate Accord aims at making the crypto industry 100% renewable
The remittance company of Ripple is now a member of the Crypto Climate Accord. The company made the announcement yesterday and further explained that the Crypto Climate Accord is ‘a new initiative organized to make the cryptocurrency industry 100% renewable.’
Other members of the Crypto Climate Accord include Energy Web, Rocky Mountain Institute (RMI), the Alliance Innovative Regulation (AIR), Consensys, CoinShares, Web 3 Foundation, Compass Mining, just to name a few.
1 BTC Transaction is the Equivalent of 75 Gallons of Gasoline – Brad Garlinghouse
Ripple joining the Crypto Climate Accord comes a week after the company’s CEO, Brad Garlinghouse, explained in a Bloomberg interview that one Bitcoin transaction consumes the energy equivalent of 75 gallons of gasoline. His exact statement was as follows.
As the price of Bitcoin goes up the energy consumption and the carbon footprint of a proof-of-work, that mining that happens to validate the transactions, that continues to scale aggressively also. And we can’t lose sight that one Bitcoin transaction is about the equivalent of 75 gallons of gasoline being burned.
More on the Crypto Climate Accord
The Crypto Climate Accord is a private sector initiative inspired by the Paris Climate Agreement and geared towards making the crypto industry 100% renewable.
It brings together leading companies of the crypto and fintech industry to help build a sustainable future for global finance. The Crypto Climate Accord is supported by the United Nations Framework Convention on Climate Change (UNFCCC) Climate Champions.
The Accord’s overall objectives are as follows:
- To transition the world’s blockchains to 100% renewables by the 2025 UNFCCC COP Conference
- Development of an open-source accounting standard to measure emissions from the crypto industry
- To achieve net-zero emissions for the entire crypto industry by 2040. This will also include all business operations beyond blockchain and retroactive emissions