Ripple recently announced that it has formed a partnership with Nelnet Renewable Energy. With this partnership, Ripple will create a $44 million clean energy fund. This fund will be used to finance solar energy projects in the USA. So, can this move increase the interest in Ripple (XRP)? Details of the deal are below.
With this fund, Ripple plans to balance 1.5 million tons of CO2 in the next 35 years.
In today’s world, where renewable energy, climate crisis and circular economy are the dominant factors, many large companies have started to take the initiative with the theme of “environmental-social-corporate governance (ESG)”. San Francisco did not remain silent on this issue at Ripple, a US-based blockchain startup, and created its own fund. The fund will work with Nelnet Renewable Energy.
In the announcement published on Monday, October 11, Ripple and Nelnet announced that they have set up a joint investment, creating a “Clean Energy Fund” worth $44 million. All of the $44 million will go towards Nelnet’s various solar projects in the US. The aim of the fund is to create a cleaner and more sustainable future.
With this step, Ripple wants to show their initiative to build a carbon-zero future. Ripple had previously joined the “Crypto Climate Agreement” on this issue. According to this agreement, participating cryptocurrencies promised to be carbon-zero by 2030. Speaking on the subject, Ken Weber, Head of Social Impact at Ripple:
“Ensuring a clean energy future is a top priority in every industry, not only to ensure future economic growth, but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to increase, it is clear that the technology will support our future financial systems.
We are excited to work with Nelnet to deliver on our promise to reduce the carbon footprint of financial services and create a carbon-negative cryptocurrency industry.”
With this new investment, Ripple is setting an ambitious target for itself. Solar projects funded through the Nelnet Renewable Energy Fund will offset an estimated 1.5 million tons of Carbon Dioxide (CO2) over the next 35 years. That’s the equivalent of emissions from consuming 154 million gallons of gasoline.
Let’s see how this decision, taken jointly by Ripple and Nelnet, will resonate in the crypto money world. Will the masses who are worried about the carbon footprint left by cryptocurrencies care that they are taken care of lately?