Ripple's Centigrade: Innovating the Carbon Credit Landscape
Climate change is pressing, and the tech world is responding. Enter Ripple, which has just unveiled Centigrade in collaboration with the Rocky Mountain Institute (RMI). It’s an open data platform and its mission? To bring some clarity and efficiency to the carbon and nature markets.
Centigrade’s vision is straightforward: democratize the carbon credit market. They’re aiming to make it accessible to all players, regardless of size. Ripple has been on this journey for over a year, gathering insights and refining their strategy. They’re not just observers; they’re actively involved as founding members, investors, and tech partners.
The carbon market, as it stands, has its challenges. It’s been somewhat limited in scope, often focusing on carbon and forestry. Centigrade’s approach is broader, aiming to encompass other environmental elements like air, water, soil, and biodiversity.
The platform’s goal is to clarify what “climate-positive” means, streamline product classifications, and foster better connections between suppliers and buyers. And the tech behind it? Decentralized systems that could bring fresh innovation to the market.
At the core of this initiative is Ripple’s XRP Ledger, which they highlight for its sustainability. They’ve committed a significant $100M to leverage blockchain in scaling global carbon markets. The objective? Enhance the reliability of carbon credits, making them more appealing to potential investors.
Over the past year, Ripple has been engaging with prominent climate-focused NGOs and carbon removal entities. The aim? Tokenize carbon inventories to provide a transparent view of projects and their environmental impacts.
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