Ripple’s commitment towards a sustainable digital global finance future is marching along as Ripple open development platform Xpring is launching an open-source tool EW Zero in collaboration with XRP Ledger Foundation, Energy Web, and Rocky Mountain Institue to decarbonize public blockchain.
Monica Long, SVP Marketing at Ripple, announced the news in a publication on Wednesday, September 30. The EW Zero tool aims to reduce carbon emissions from energy sources that are required to operate these blockchains and organizations to ensure a sustainable digital global finance.
According to Monica Long, addressing sustainability across all industries is a worldwide priority, and global finance is no exception.
As blockchain and cryptocurrencies are going to play a pivotal role in building a sustainable future for global finance, industry pillars should come together “to dramatically reduce our collective environmental impact as broad adoption takes hold.”
To make this possible, Ripple is committed to achieving carbon net-zero by 2030. The EW Zero tool is a part of this effort. The tool is a joint project of Xpring, XRP Ledger Foundation, and Rocky Mountain Institute-backed Energy Web to decarbonize any blockchain, starting with the XRP Ledger.
Bharath Chari from XRP Ledger Foundation commented:
“While the XRP Ledger is already one of the greenest blockchains in the world, we are taking one step further to be the first blockchain that is fully decarbonized thanks to our partnership with Energy Web Foundation.”
EW Zero is an application that will enable any renewable energy buyer like multinational corporations, small- and medium-sized enterprises, electric vehicle fleets, and decentralized blockchain networks to find and source procurement options from across a wide variety of digital marketplaces globally.
According to the website, EW Zero integrates myriad renewable energy marketplaces through a single, convenient, and digital interface.
According to a separate announcement by Energy Web, big tech companies like Google and Amazon can use clean energy with relative ease and precision as their processes take place in directly owned and controlled data centers. But the blockchain industry faces considerable challenges decarbonizing their energy use due to the naturally distributed nature of blockchain communities and computational processing power. So this open-source EW Zero tool enables “enables individuals, businesses, or in this case an entire blockchain ecosystem to transition to verified zero-carbon electricity.”
Walter Kok, CEO of Energy Web, stated:
“As the world economy transitions to low-carbon energy, we now have in sight the possibility that every transaction, every smart contract, running on any blockchain network worldwide, could be powered 100% by affordable, verified renewable energy with zero emissions.”
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