In Brief:
- Ripple invested $44 million in Nelnet Renewable Energy
- A $44 million joint investment will fund solar energy projects throughout the USA.
- Aim is to finance solar projects that could offset 1.5 million tons of CO2 over the next 35 years.
Ripple has invested $44 million as part of a joint investment into Nelnet Solar Energy Fund’s environmental, social, and governance (ESG) investment fund.
The firms announced Monday, $44 million joint investment will fund solar energy projects throughout the US while they strive to become carbon-neutral in the financial world.
The goal of this joint effort is to finance solar projects that could offset more than 1.5 million tons of carbon dioxide over the next 35 years. This is equal to the CO2 emissions from consuming 154 million gallons of gasoline.
The Executive Director of Nelnet Renewable Energy, Scott Gubbels, praised the company’s platform, which allows investors like Ripple to participate in a green future.
He said, “Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come.”
The clean energy fund of Nelnet Renewable Energy earned an E1 ESG rating – the highest possible rating in the S&P Global system – in March.
Ken Weber, Head of Social Impact at Ripple, said in a press release, “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.”
He further added, “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.”
The partnership is Ripple’s latest initiative to help build a carbon-neutral future for global finance. Ripple is also a member of the Crypto Climate Accord, which aims to make the cryptocurrency industry run on 100% renewable energy by 2030.
The Crypto industry is criticized a lot of times on the basis of energy usage. However, now the mining firms and crypto firms are working on making the crypto industry carbon neutral.
El Salvador also took a new initiative in the one step towards using natural resources. It has started using volcanic energy for Bitcoin mining and became the project to use volcanic resources.
