Ripple announces $44 million fund for solar energy projects in the US ๐จ This article is 3 years old...
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Ripple announces $44 million fund for solar energy projects in the US
The joint investment is Ripple's latest initiative to aid in building a sustainable future for global finance.
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Updated: Oct. 13, 2021 at 11:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple recently entered a strategic ESG investment partnership with Lincoln-based financial services company Nelnet, through a $44 million joint clean energy fund for solar energy projects in the US, according to the official press release.
In a bid to reduce the industryโs carbon footprint, the joint investment will fund clean energy projects throughout the country and contribute to the reduction of over 1,5 million tons of carbon dioxide over 35 years.
Ripple Nelnet Renewable Energy Fund
โWe’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,” said Ken Weber, Head of Social Impact at Ripple.
Right back at you, @Nelnetsolar! We're excited to work with Nelnet to support solar energy projects throughout the U.S. as part of our commitment to reduce the carbon footprint of financial services globally and deliver on the promise of a #CarbonNegative #crypto industry. https://t.co/ETMUboLW2o
— Ripple (@Ripple) October 11, 2021
According to the press release announcement, the blockchain company will be the majority investor in the joint venture.
“We are thrilled to have a best-in-class investor platform that enables us to work with investors like Ripple to further our effort toward advancing clean energy generation within the US,” said Scott Gubbels, Executive Director of Nelnet Renewable Energy.
Carbon negative crypto industry
โRipple made a commitment to become carbon net-zero by 2030 or sooner by reducing emissions and investing in carbon removal projects such as reforestation, biochar and carbon sequestration,โ reminded the announcement, noting that in 2020, Ripple partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger.ย
Ripple is part of the Crypto Climate Accord, a private sector-led initiative focused on eliminating carbon emissions from the crypto industry by 2030.
“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,” Webber concluded.
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.