In summary:
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.
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.
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: