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Ripple to Support Solar Energy Projects to Reduce Crypto Industry's Carbon Footprint

u.today 12 October 2021 07:51, UTC
Reading time: ~2 m

Blockchain company Ripple has announced a partnership with Lincoln-based financial services company Nelnet.

As part of the deal, it will jointly invest $44 million into the company’s renewable energy business division in order to provide funding for American solar power projects.

Ken Weber, Ripple’s head of social impact, claims that shrinking 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.

The projects funded by Ripple are expected to offset more than 1.5 million biometrical tons of CO2 greenhouse emissions.

Nelnet started offering services to business developers in June 2020 in an effort to further diversify its business that was largely dependent on the student loan industry. It started funding solar energy initiatives back in 2018.

Ripple has been one of the most climate-conscious companies in the space. In early April, it became part of the Crypto Climate Accord together with Consensys and CoinShares.

As reported by U.Today, Bitcoin tech company Blockstream joined forces with Jack Dorsey’s Square in order to build a solar-powered cryptocurrency in early June.

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