Crypto-powered digital payment service Ripple and Nelnet (NYSE: NNI) Renewable Energy made a joint environmental, social and governance (ESG) investment of $ 44 million in one of Nelnet’s solar energy funds, the companies announced on Monday.
- Ripple will be the majority investor in the merger, which will fund solar energy projects in the United States.
- The solar projects funded by the joint venture are said to offset more than 1.5 million tons of carbon dioxide over a period of 35 years, or about the same amount of carbon dioxide emissions from the consumption of 154 million gallons of gasoline.
- “Ensuring a clean energy future is a top priority in every industry, not just to drive future economic growth, but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, it is obvious that the technology will underpin our future financial systems, ”said Ken Weber, Head of Social Impact at Ripple, in a press release. “We are excited to partner with Nelnet as we pursue our commitment to reducing the carbon footprint of financial services around the world and delivering on the promise of a carbon-negative cryptocurrency industry.”
- The crypto industry’s carbon footprint has long been a concern, and this isn’t the first eco-friendly partnership for Ripple. Ripple is part of the Crypto Climate Accord, whose goal is to run the crypto industry with 100% renewable energy by 2030.
- Last year, the non-profit Energy Web introduced a decentralized approach to decarbonizing the grid and selected Ripple as its first partner.