Ripple Targets Lower Crypto Carbon Footprint Through Funding Deal For Solar Energy Projects In United States
On October 11, Ripple had just made a more than $4 million joint investment through a solar energy investment fund as part of a strategic ESG investment with Nelnet Renewable Energy, a Nelnet subsidiary.
The combined investment, which will be financed in large part by Ripple, will support solar energy projects throughout the United States, assisting the country’s transition to a cleaner and more secure energy future.
Ripple’s Head of Social Impact, Ken Weber, said that securing a clean energy future should be regarded as a top priority across all sectors in order to promote future economic development and guarantee a more sustainable society.
“As the usage of cryptocurrencies and blockchain technology grows, it is becoming apparent that the technology will serve as the basis for our future financial systems,” he continued.
The collaboration with Nelnet will gradually enable Ripple to continue pursuing their aim of lowering the carbon footprint of financial services globally and delivering on the promise of a carbon negative cryptocurrency sector.
Great Potential Through Deals With Nelnet
In March 2021, S&P Global Ratings granted Nelnet the E1 ESG rating for one of their previous clean energy funds, which earned excellent marks in the categories of transparency, the environment, and governance.
Over the course of 35 years, it is anticipated that the solar installations funded by the Ripple-Nelnet Renewable Energy Fund would offset more than 1.5 million tonnes of CO2 emissions, which is the equivalent to 154 million gallons of gasoline used.
There has never been a better moment to invest in solar power projects than now, as the United States draws closer to a zero-carbon future.
This is particularly true considering the US Department of Energy’s Solar Futures Study, which predicts that solar energy will produce 45 percent of all energy in the US by 2050.
Ripple’s Journey Of Decarbonization
The collaboration is Ripple’s latest effort to aid in the creation of a carbon-neutral future for global banking. According to the organisation, Ripple is a signatory to the Crypto Climate Accord, a private-sector-led effort aiming at decarbonizing cryptocurrencies and making the cryptocurrency industry 100 percent sustainable by 2030.
Last year, Ripple worked with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger, making it the world’s first significant global blockchain to do so.
Ripple has pledged to become carbon net-zero by 2030, or sooner, through decreasing emissions and investing in carbon-removal initiatives such as reforestation, and carbon sequestration.
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