Enterprise blockchain and crypto solutions provider Ripple is investing millions of dollars in a renewable energy fund aimed at realizing a clean energy future.
Ripple says in a press release that it is jointly investing with Nelnet Renewable Energy a total of $44 million to finance solar energy projects in the United States. The investment is majority funded by Ripple.
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According to the announcement, the investment will help offset 1.5 million tons of carbon dioxide emissions over the next several decades.
“The solar projects financed by the Ripple Nelnet Renewable Energy Fund are estimated to offset over 1.5 million tons of carbon dioxide over 35 years, which is the equivalent amount of CO2 emissions from consuming 154 million gallons of gasoline.”
Ripple’s head of social impact Ken Weber says the investment will assist in making the cryptocurrency industry carbon negative.
Ripple is already involved in other initiatives aimed at reducing crypto’s carbon footprint, per the press release.
“Ripple is part of the Crypto Climate Accord, a private sector-led initiative focused on decarbonizing cryptocurrencies and making the crypto industry 100% renewable by 2030.
Last year, Ripple partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger, the first major global blockchain to do so.”
The crypto solutions provider says it is committed to becoming “carbon net-zero by 2030 or sooner” and that it will reach this goal by “reducing emissions and investing in carbon removal projects such as reforestation, biochar, and carbon sequestration.”
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