Ripple Creates $ 44 Million Solar Power Fund with Nelnet

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Key points to remember

  • Ripple has announced that it will contribute the majority of the funding to a $ 44 million energy fund with Nelnet.
  • Projects funded by the initiative could offset more than 1.5 million tonnes of carbon dioxide emissions over 35 years.
  • Ripple is already one of the most energy efficient blockchains, but the initiative will put it in good company with other companies.

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Ripple announced the creation of a clean energy fund in cooperation with Nelnet Renewable Energy.

Ripple will invest in solar energy

Together, Ripple and Nelnet will create a joint investment of $ 44 million in Nelnet’s solar power investment fund. This effort will fund solar power projects in the United States.

Projects funded by the initiative could offset more than 1.5 million tonnes of carbon dioxide over 35 years, according to a press release.

While it’s not clear exactly how much Ripple will contribute, the company will contribute the majority of the funding.

Ripple’s head of social impact, Ken Weber, called clean energy a “top priority across all industries.” He noted that clean energy technology will become important “as the adoption of cryptocurrencies and blockchain continues to grow.”

The press release notes that this is not Ripple’s first clean energy initiative. The company is also part of the Crypto Climate Accord, and in 2020 it partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger. It aims to become zero carbon by 2030 through its investments and activities.

Ripple’s XRP is already energy efficient

Unlike Bitcoin and many other cryptocurrencies, Ripple’s XRP token does not rely on mining, which is a hugely power-intensive process.

In fact, some surveys suggest that XRP is one of the most energy efficient cryptocurrencies because it only uses 0.0079 KWh per transaction. In contrast, Bitcoin uses 707 kWh per transaction.

Despite Ripple’s low energy needs, it will be in good company with other crypto companies who have created energy initiatives. Square, ConsenSys, and MicroStrategy have all been involved in energy efficiency efforts over the past few months.

Disclaimer: At the time of writing, this author held less than $ 75 worth of Bitcoin, Ethereum, and altcoins.

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