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Ripple Has Announced A $44 Million Fund For Solar Energy Projects In The U.S

According to the official press release, Ripple recently signed a strategic ESG investment collaboration with Nelnet, a Lincoln-based financial services business, through a $44 million joint clean energy fund for solar energy projects in the United States.

The joint investment will fund sustainable energy projects around the country, resulting in a reduction of about 1,5 million tonnes of carbon dioxide over 35 years, in an effort to minimise the industry’s carbon footprint.

“We’re excited to collaborate with Nelnet as we aim to lower the global carbon footprint of financial services and deliver on the promise of a carbon-negative cryptocurrency industry,” said Ken Weber, Ripple’s Head of Social Impact.

The blockchain company will be the majority investor in the joint venture, according to the news release.

“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.

“By reducing emissions and investing in carbon removal projects such as reforestation, biochar, and carbon sequestration, Ripple made a commitment to become carbon net-zero by 2030 or sooner,” the announcement stated, noting that Ripple partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger in 2020.

Ripple is a signatory to the Crypto Climate Accord, a private-sector-led project aimed at reducing carbon emissions in the cryptocurrency industry by 2030.

“Securing a clean energy future is a top responsibility for every business, not only to fuel future economic growth but also to ensure a more sustainable world.” As cryptocurrencies and blockchain become more widely adopted, it’s clear that the technology will be at the heart of our future financial systems,” Webber concluded.