Ripple announces $44 million clean energy investment

Ripple announces $44 million clean energy investment

The creator of the XRP token, Ripple has announced in a press release, a $44 million ESG investment with Nelnet Renewable Energy into one of Nelnet’s solar energy investment funds.

This is coming at a time when the U.S. Department of Energy’s Solar Futures Study, projects that by 2050, 45% of all energy in the U.S. could be produced by solar.

The joint investment, which is funded majorly by Ripple, will fund solar energy projects throughout the United States in support of the transition to a cleaner and more stable energy future.

According to the announcement, “The solar projects financed by the Ripple Nelnet Renewable Energy Fund are estimated to offset over 1.5 million tons of carbon dioxide over 35 years, which is the equivalent amount of CO2 emissions from consuming 154 million gallons of gasoline.”

This announcement comes months after the IEA released a road map for the global energy sector to become net-zero by 2050.

Nelnet is a publicly-traded financial services and technology company that offers educational services, technology solutions, professional services, telecommunications, and asset management.

The company has over $20 billion in assets and services over $500 billion in loan assets.

Nelnet Renewable Energy is the company’s renewable energy investment, management, and development business. It is a leading tax equity investor and asset manager in solar projects.

The partnership is Ripple’s latest initiative to help build a carbon-neutral future for global finance. Ripple is part of the Crypto Climate Accord, a private sector-led initiative focused on decarbonizing cryptocurrencies and making the crypto industry 100% renewable by 2030.

What Ripple said about the partnership

Ken Weber, Head of Social Impact at Ripple said, “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.

“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.”

Ripple had also launched a $250 million fund for creators, marketplaces, and brands to explore new use cases for non-fungible tokens (NFTs) on its ledger, XRPL.

 

 

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Author: Greg