US Tech Giants Eye Cambodia’s Renewable Energy Potential

• 1 January 2025
• Local News
• 1453 Views

In an exciting development for Cambodia’s energy landscape, Ripple Inc., a prominent US fintech firm, is looking to forge a partnership in renewable energy. The company, known for its innovative financial solutions, has expressed a keen interest in establishing solar panel production in Cambodia, aiming to cater to the growing demand for clean energy in the United States.

This significant announcement was made during a recent meeting between Mr. Chris Larsen, the Executive Director and Co-Founder of Ripple, and Cambodia’s Prime Minister, Samdech Hun Manet, on 30 December 2024. During their discussions, Larsen highlighted the company’s ambition to invest in renewable energy initiatives within Cambodia, emphasizing the production of solar panels for export to the US market.

Prime Minister Hun Manet warmly welcomed Ripple’s intentions, recognizing the alignment between the company’s goals and the Royal Government’s strategic focus on sustainable energy. He noted that this investment could catalyze deeper cooperation between businesses in Cambodia and the United States, fostering enhanced connections within the private sector.

The prime minister also encouraged Ripple to engage further with relevant ministries and institutions in Cambodia to ensure the successful implementation of the proposed project. This initiative comes against the backdrop of Cambodia’s commitment to renewable energy, with the Royal Government setting ambitious targets to achieve carbon neutrality by 2050 and escalate the use of renewable energy to 70% by 2030. The nation aims to source up to 62% of its energy from renewable resources.

As the world shifts towards sustainable energy solutions, Cambodia’s collaboration with US tech companies like Ripple signifies a promising step forward in realizing a greener future. This partnership could bolster the local economy and position Cambodia as a key global renewable energy market player.

 

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