Ripple launched a $44 million joint venture with Nelnet Renewable Energy, a fintech startup. Their mission is to sponsor solar energy initiatives across the United States while they strive for financial decarbonization.
As per a recent media release, Ripple will now be the collaboration’s principal investor. Ken Weber, the firm’s Head of Social Impact, emphasized the significance of the effort, adding that renewable energy may indeed “fuel future economic growth but could also ensure a more sustainable world.”
We’re excited to work with Nelnet as we pursue our commitment to reduce the global carbon footprint of financial services and deliver on the promise of a carbon-negative cryptocurrency industry.
This combined endeavour intends to spread throughout the next 35 years and finance solar projects that might offset more than 1.5 million tonnes of CO2. This is equivalent to the Carbon dioxide emission from utilizing 154 million gallons of gasoline, as per their calculations.
Executive Director of Nelnet Renewable Energy, Scott Gubbels, lauded the company’s platform, which enables businesses such as Ripple to participate in the sustainable potential cause.
The carbon emissions of the cryptocurrency sector has long been a source of worry, and this isn’t Ripple’s first environmental collaboration. Ripple is a signatory to the Crypto Climate Accord, which aims to have the crypto sector run entirely on renewable energy by 2030.
Last year, the non-profit Energy Web announced a decentralised solution to grid decarbonization, with Ripple as the very first collaborator.
Ripple joined the Crypto Climate Accord in April 2021, an endeavour motivated by the values of the Paris Climate Agreement that has brought together a conglomerate of 20 firms from the crypto, finance, technology, and energy industries to unite behind goals of making the transition all blockchain applications to fully renewable power by 2025 and developing the crypto room to net-zero carbon by 2040.
Zhou gave his thoughts on cryptocurrency and blockchain enterprises adopting open, transparent, and ethical carbon performance tracking systems: “In pursuit of our goal to cultivate a healthier planet through green technologies, we intend to prove that a blockchain platform can support green business and be a truly sustainable infrastructure for companies to build their smart contract solutions from.”