• Ripple will fund solar energy projects in the United States

  • Ripple, a blockchain payments company based in San Francisco, has announced a partnership with Nelnet Renewable Energy, the renewable energy investment business of NYSE-listed Nelnet, on a US$44 million clean energy fund to support solar energy projects in the United States.

    According to the company statement, the solar projects financed by the Ripple Nelnet Renewable Energy Fund are expected to offset over 1.5 million tons of CO2, which is the equivalent amount of CO2 emissions from consuming 154 million gallons of gasoline.

    “Ensuring a clean energy future is a major priority across all industries, not only to drive future economic growth but also to ensure a more sustainable world,” said Ken Weber, Ripple’s head of social impact. “As cryptocurrencies and blockchain technology gain traction, it is clear that the technology will underpin our future financial systems.”

    The initiative is part of Ripple’s efforts to reduce its carbon footprint as part of the cryptocurrency industry’s decarbonization. Ripple is a signatory to the Crypto Climate Accord, a private-sector-led initiative that aims to power all blockchains with 100 percent renewable energy by 2025. According to Ripple, the XRP Ledger Foundation, Ripple, and Energy Web collaborated in 2020 to decarbonize the XRP Ledger, making it the first major global blockchain to do so.

    Bitcoin has gotten a lot of attention from institutional and retail investors, as well as critics who claim that its energy-intensive proof-of-work consensus algorithm and mining activities harm the environment by emitting a lot of CO2. Following China’s ban on crypto mining, many miners have closed their operations in China and relocated to other states, such as Texas, which appear to have more favorable regulations and the availability of cheap electricity.

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