Ripple Teams With Nelnet on $44M Solar Investment

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Crypto-powered digital cost service Ripple has made a $44 million joint Environmental, Social, and Governance (ESG) funding with Nelnet (NYSE: NNI) Renewable Energy into one in all Nelnet’s photo voltaic vitality funds, the corporations introduced Monday.

  • Ripple would be the majority investor within the tie-up, which is able to fund photo voltaic vitality tasks all through the United States.
  • The photo voltaic tasks financed by the three way partnership are estimated to offset over 1.5 million tons of carbon dioxide over 35 years, or about the identical quantity of carbon dioxide emissions from consuming 154 million gallons of gasoline, in keeping with the businesses.
  • “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,” mentioned Ken Weber, Head of Social Impact at Ripple, in a press release. “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 carbon footprint of the crypto business is a longstanding concern, and this isn’t the primary eco-focused partnership for Ripple. Ripple is a part of the Crypto Climate Accord, whose objective is to make the crypto business run on 100% renewable vitality by 2030.
  • Last yr, the nonprofit Energy Web launched a decentralized method to decarbonizing the grid and tapped Ripple as its first companion.