Blockchain company Ripple, along with Nelnet Renewable Energy, has made an ESG-focused $44 million investment in one of Nelnet’s solar investment funds.
The joint investment of the two names, mostly owned by Ripple, will be used to fund solar projects across the USA.
Projects funded by the Ripple Nelnet Renewable Energy Fund are estimated to be able to offset more than 1.5 million tons of carbon dioxide over the next 35 years. This amount is equivalent to the carbon emissions caused by the consumption of 154 million gallons of gasoline.
Ken Weber, responsible for Ripple’s social impact unit, on the fund created to reduce the carbon footprint of the financial services industry, “Ensuring that future energy will be clean has become a top priority in many industries, with the goal of not only promoting economic growth but making sure the world will be more sustainable as well. As cryptocurrencies and blockchain are increasingly adopted, it is clear that this technology will underlie the financial systems of the future.” said.
Ripple also wants to completely eliminate the cryptocurrency industry by 2030. to renewable energy Aiming to make cryptocurrencies based on Crypto Climate Accord is a member of the initiative.