Ripple invests $44 million to provide funding for American solar power projects
Despite the ongoing litigation with the SEC in the United States, Ripple has decided to support solar energy projects to reduce the crypto industry’s carbon footprint.
Ripple hopes to make the crypto industry greener
This is a joint project between Ripple and Lincoln-based financial services company Nelnet. In it, they will jointly invest $44 million in the company’s renewable energy business to finance US solar projects.
Nelnet began providing services to business developers in June 2020 to diversify further its business, which is largely dependent on the student loan industry. It started funding solar initiatives back in 2018.
Right back at you, @Nelnetsolar! We’re excited to work with Nelnet to support solar energy projects throughout the U.S. as part of our commitment to reduce the carbon footprint of financial services globally and deliver on the promise of a #CarbonNegative #crypto industry. https://t.co/ETMUboLW2o
— Ripple (@Ripple) October 11, 2021
According to Ken Weber, Ripple’s head of social impact, the industry’s carbon footprint should be one of the key priorities.
“Guaranteeing a clean energy future is a major priority across every industry, not only to drive future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems”, he stated.
Among them, Ripple-funded projects are expected to offset more than 1.5 million tons of biometric CO2 greenhouse gas emissions.
Ripple is one of the most climate-conscious companies in the space. In early April, it became part of the Crypto Climate Compact along with Consensys and CoinShares.
The story of reducing emissions probably started to get more attention after Tesla CEO Elon Musk announced to stop paying in BTC because of concern rapidly over the increasing use of fossil fuels for Bitcoin mining.
Source: Elon Musk
Following Musk’s announcement, Dallas Mavericks owner Mark Cuban said that the team will continue to accept bitcoin and other cryptocurrencies because “we know that replacing Gold as a store of value will help the environment.”
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