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As the United States moves toward a zero-carbon future, investments in solar power plants will be critical to meeting the government's climate change ambitions. According to a study, solar power will account for about half of the new U.S. energy-producing capacity in 2022
Fremont, CA: Solar power has witnessed remarkable growth over the last decade and promised technological and cost advances. Solar power currently provides around 3percent of the world's electricity, and it's a massive, multinational sector with 141 billion dollars spent in 2019. However, according to the study, this falls well short of the projected 794 billion dollars (27 trillion dollars by 2050) needed yearly for renewable energy to satisfy climate agreement goals and avert a global meltdown.
Protocol Labs, an open-source research and innovation lab that produces protocols, tools, and services to enhance the internet dramatically, such as Filecoin and IPFS, introduces the establishment of the 38 million dollars Filecoin NNI Renewable Energy Fund alongside Nelnet Renewable Energy Services.
Nelnet Renewable Energy Solutions, an experienced solar tax equity investor and fund manager, has invested 3 million dollars to the fund and will act as the fund manager for the length of the investment. The overall investment by Protocol Labs and Nelnet would fund a spectrum of solar energy projects anticipated to create 50 Megawatts (M.W.) of additional solar energy capacity, valued at roughly 130 million dollars. It will give significantly more energy to the electricity network than the 2.8 MW now required by the Filecoin network in the United States, allowing Filecoin to develop responsibly without overloading domestic power systems.
Together with ConsenSys, the Web3 Foundation, and CoinShares, Protocol Labs signed the Crypto Climate Accord (CCA) in 2021 as part of its objective to transform the blockchain sector into sustainable energy. Protocol Labs established the Filecoin Green project in collaboration with Energy Web on the first demonstration of an open-source solution to decarbonizes Filecoin, the world's biggest decentralized storage network. The Filecoin Green open-source dashboard uses the power of Web3 verifiability to address growing outrage about the cryptocurrency industry's energy footprint. In addition, there is a growing requirement for technology that provides public clarity regarding environmental claims, such as demonstrating where energy gets produced, documenting the renewable source, and giving an attestation certificate establishing ownership of the relevant renewable energy credits.
