XRP support solar-powered projects to reduce the crypto carbon footprint
Ripple (XRP) is starting to support several solar-powered projects. This comes as an attempt to reduce the crypto world’s carbon footprint. The company has recently announced a partnership with financial services company Nelnet, based in Lincoln. As part of the deal, the two companies will jointly invest a total of $44 million in the company’s renewable energy division to provide funding for US solar projects.
Ken Weber, Ripple XRP Head of Social Impact, argues that reducing the industry’s carbon footprint should be a key priority. He stated: “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,”
Ripple-funded projects are expected to offset more than 1.5 million biometric tonnes of greenhouse gas emissions. It’s no news that the carbon footprint of the crypto scene has been a significant concern for many environmentalists, claiming that the amount of energy that cryptocurrencies use can affect our planet. There have been many headlines and discussions regarding this matter, arguing that the crypto industry’s carbon footprint is way too high – and that it needs to be addressed relatively quickly.
XRP – Both companies are environmentally friendly
Nelnet began providing services to business developers in June 2020 to diversify further its business that was largely dependent on the student loan industry. Funding for solar energy initiatives began in 2018. Back then, the company committed to investing more than $142 million in supporting green projects powered by solar energy – via tax equity financing.
When the company began investing in green energy, Jeff Noordhoek, the Chief Executive Officer of Nelnet, stated: “Green is more than just our corporate color,” adding that “It’s our commitment to the future. With Nelnet Renewable Energy, we have an opportunity to play a vital role in the growth of renewable energy through funding solar energy projects and providing subscriber acquisition and management services for the solar community developers with whom we partner. Community solar is an exciting area of growth for investors and developers, and it’s a big win for the residents and business owners who previously were unable to support renewable energy use. Solar energy use is great for the environment, so being part of that tremendous growth is rewarding.”
Ripple XRP was one of the largest climate-conscious companies suitable from the start. In early April, it became part of the Crypto Climate Accord along with ConsenSys and CoinShares. The three companies joined the Crypto Climate Accord, a project created to get 100% of the crypto world to run entirely on green energy by 2025.
The Bitcoin Tech Blockstream company is also headed in the same direction, having joined forces back in early June with Jack Dorsey’s Square to build a solar-based cryptocurrency.
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