San Francisco-based blockchain settlements company Ripple has teamed up with Nelnet Renewable Energy, the sustainable energy investment company of NYSE-listed Nelnet, on a $44 million renewable energy fund to assist solar energy projects in the U.S., the business claimed.
The solar projects funded by the Ripple Nelnet Renewable Energy Fund should counter approximately 1.5 million tons of CO2, the same amount of carbon dioxide emissions from burning 154 million gallons of gas.
“Guaranteeing a clean energy future is a huge priority across every industry, not only to facilitate future economic growth but to ensure a more sustainable world,” said Ken Weber, head of social impact at Ripple. “As the support of blockchain and cryptocurrencies continues to grow, it’s evident that the technology will underpin our future financial systems.”
Ripple’s partnership with Nelnet was formed in an effort to minimize its carbon impact on the cryptocurrency industry. Ripple has also joined the Crypto Climate Accord, an exclusive sector-led campaign aimed at helping all blockchains be fueled by 100% renewable energy beginning 2025. In 2020, Ripple, Energy Web, and the XRP Ledger Foundation teamed up to decarbonize the XRP Ledger — the first major worldwide blockchain to do so, according to Ripple.
Bitcoin has gained a great deal of traction from retail and institutional capitalists — along with critics who suggest its energy-intensive proof-of-work agreement algorithm and mining activities hurt the environment through its substantial carbon exhausts. Following China’s restriction on crypto mining, several miners have closed down their mining establishments in China and moved to areas such as Texas that seem to have fewer regulations and inexpensive electricity.
Nathan recently got into crypto by investing in stablecoins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.