Ripple Disrupting The Carbon Market Through Its climate-Focused Technology Partner and $100M Investment

• Centigrade is independent and intends to add more features and project types to the platform over time to increase utility.
• Ripple is committed to reducing its carbon footprint to zero by 2028 and has an elaborate plan through strategic partnerships with different organizations.

The rise of blockchain technology has brought forth myriad ways to solve global problems including climate change. From the basics, the use of digital assets like Bitcoin (BTC), Ethereum (ETH), and Ripple-backed XRP has significantly reduced the dependence on fiat currencies that involves cutting down trees and mining minerals to mint.

To a more advanced level, blockchain technology-related companies are helping in bringing transparency to the carbon credits market. For instance, Ripple Labs has invested over $100 million in combating the effects of climate change by accelerating the removal of carbon.

Ripple and RMI Envisions Centigrade

Blockchain payment giant Ripple in close partnership with Rocky Mountain Institute (RMI), an established leader in sustainable investing, has announced a new company dubbed Centigrade, an open data platform geared towards decentralizing carbon markets. Reportedly, Centigrade will provide developers of carbon and nature credits with a low-barrier, and transparent way to bring their projects to the global market. Said Andreas Merkl, Co-founder and CEO at Centigrade.

We cannot end the twin crises of climate change and nature loss without thriving credit markets. All truly functional markets require high-integrity, transparent data – and the complex realm of carbon and nature credits is no exception. Using innovative technologies, Centigrade provides an integrated, interoperable, and open data platform that will enable all market actors, private and public, to make sophisticated decisions. 

According to Ken Weber, SVP of Sustainability and Social Impact at Ripple Labs, the carbon credit market needs to be protected in a bid to ensure a sustainable future for Earth. Moreover, more governments around the world are formulating their policies toward decarbonizing their markets in the next few decades. Consequently, the carbon credit market is expected to scale into billions in the coming years with the help of blockchains. Weber noted. 

A well-functioning, liquid carbon market has the potential to top $50B by 2030, providing much-needed financing for high-impact climate-related projects. With the launch of Centigrade we hope to make a significant contribution to restoring trust in voluntary carbon markets.

Similar sentiments were echoed by Josh Henretig, Managing Director of the Climate Intelligence Program at RMI, who added that the supply of high-quality credits will help ensure an effective growth of carbon and nature markets. Henretig added.

We believe that radical transparency, underpinned by a minimum bar for credit performance data, will enable key information to flow across the VCM value chain. 

Bigger Picture 

Ripple has continued to establish itself as a leader not only in cross-border payment-related services but also in other technical issues. The recent ruling on SEC vs Ripple on XRP sales has positioned the company for more gains in future crypto bull markets amid mainstream adoption. As of reporting time, XRP traded around 62 cents with a market capitalization of about $32 billion and a 24-hour traded volume of approximately $1.2 billion.

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