Ripple Labs, a blockchain-based payment startup, is advancing its carbon-neutral objective once more. This time, utilizing one of Nelnet Renewable Energy's solar energy grants.
Many people are concerned about the crypto industry's carbon footprint, with opponents pointing out the environmental effect of mining cryptocurrencies like Bitcoin.
Ripple Labs, located in San Francisco, is one blockchain company that has taken up the issue.
The firm launched a new environmental, social, and governance-focused investment plan with renewable energy producer Nelnet in a news release.
Ripple will invest about $44 million in one of the US firm's solar energy investment funds over 35 years, according to the terms of the deal.
The funds, in which Ripple is the main stakeholder, are intended to promote renewable energy projects around the United States.
Almost a three-decade span, over 1.5 million tonnes of CO2 were emitted, the equivalent to 154 million gallons of gasoline.
“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.”
“We're excited to work with Nelnet as we pursue our commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon-negative cryptocurrency industry.”
Ripple Labs has been at the forefront of numerous cryptocurrency-related ventures and is now embroiled in a legal battle with the US Securities and Exchange Commission (SEC).
The top regulatory authority has accused the cross-border payments firm of selling 'unregistered securities to the investing public, a charge the business has categorically refuted.
CEO Brad Garlinghouse and Chairman Chris Larsen have described the legal faceoff as a battle for the future of crypto and blockchain technology in general.
Ripple has maintained its quest to alleviate the crypto space's energy issues.
The firm is a founding member of Energy Web, which is likewise working to decarbonize the cryptocurrency sector. Individuals, organizations, and blockchain ecosystems may utilize energy attribute certificates (EACs) from renewable energy sources thanks to an open-source smartphone app called EW Zero.