Ripple, finally voiced its opinion about the ongoing debate relating to sustainability of the cryptocurrency industry.
The firm, which is the majority holder of the XRP digital currency, revealed that it would try to attain carbon net zero within the next 9 years.
On May 15, Ripple posted a tweet, in which it shared a link to its site. In the article linked to, the company outlines several aspects of its environmental strategy.
The article also includes a list of partners that Ripple is working with. These include Mercy Corps, the Bill & Melinda Gates Foundation, the Institute for Business and Social Impact and Mojaloop Foundation.
Combined, this crypto stakeholder has partnered with non-government organizations in over 80 nations.
Just recently, pioneers in the sustainability space, namely, the Energy Web Foundation, Renewable Energy Buyers Alliance (REBA) and Watershed, joined their venture.
Another thing the company draws attention to via the linked post is the performance of green XRP, and how it compares to major cryptocurrencies like bitcoin (BTC) and ethereum (ETH).
It explains that while Bitcoin utilizes almost 4 billion gallons for every 100 million transactions, XRP only uses 63,000 gallons per 100 million transactions. ETH, on the other hand, uses 239 million gallons.
It is no secret that the environmental impact of cryptocurrencies has been a hotly debated issue in the past couple of weeks.
One of the most prominent players, Elon Musk, has also given his views on fossil fuel emissions arising from mining bitcoin.
The world-renowned entrepreneur took a position in the matter by suspending all Bitcoin payments for Tesla. Needless to say, Bitcoin’s price took a nosedive following the withdrawal. It dropped below its threshold of $50,000.
Interestingly, not everyone saw Musk’s big decision as a positive. A few critics like Tim Draper, explained that the current banking system also causes adverse effects on the environment.
As such, Draper stated that if Musk truly wants to minimize environmental implications, then he should also cease accepting payments in fiat currency.
In the meantime, some countries have taken upon themselves, to implement measures that shield the environment from BTC mining effects.
A case in point is Iran. The country’s officials reported that they would charge fines to any individual found mining using household electricity.