Blockchain-based fintech company Ripple has announced plans to help over 3.7 billion people who are either unbanked or underbanked around the world. In a tweet released on Earth Day, the company believes that the global climate crisis is one of the most pressing challenges of the century, and that blockchain innovation in carbon markets can assist in achieving global environmental goals.
Ripple has been working on this initiative since 2018 and has collaborated with various fintech companies, foundations, universities, social entrepreneurs and non-governmental organizations (NGOs) to make progress. The partners are currently active in more than 80 countries, and the initiative has already provided $150 million in donations.
The adoption of cryptocurrency and blockchain technology could help increase economic participation, opportunity and sustainability for billions of people without access to banking services, the cryptocurrency company claims. Ripple sees one solution to the problem as providing low-cost and always-on money transfers in emerging markets and creating a central bank digital currency platform for governments working to improve financial inclusion.
In addition, Ripple aims to promote a sustainable tomorrow for the cryptocurrency industry. Ripple believes its XRPL is the world’s first blockchain to be carbon neutral, and its framework has the potential to provide green cryptocurrency solutions and more productive carbon markets. The company has set a goal of achieving carbon neutrality by 2030, if not sooner, by reducing emissions, using green energy and investing in inventive carbon removal projects.