Ripple, one of the world’s leading providers of enterprise blockchain and cryptocurrency solutions, recently announced that the company has collaborated with Nelnet Renewable Energy in a $44 million joint investment.
According to an official press release, Ripple funded the majority of the latest joint investment. The investment will fund solar energy projects throughout the US in support of the transition to a cleaner and more stable energy future.
In the recent announcement, Nelnet mentioned that 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. Ripple is part of the crypto climate accord.
Ripple formed several partnerships in 2021 to facilitate a carbon-neutral future for global finance. Last year, the blockchain company collaborated with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger.
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Commenting on the recent announcement, 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 the carbon-negative cryptocurrency industry.”
In September 2021, Ripple introduced a $250 million creator fund to support NFTs on the XRP Ledger. During the same month, the blockchain company announced a partnership with the central bank of Bhutan.
Ripple’s Carbon-Neutral Initiatives
Ripple has taken several initiatives to reduce carbon emissions. Furthermore, the company made a commitment to become carbon net-zero by 2030 or earlier. “We are thrilled to have a best-in-class investor platform that enables us to work with investors like Ripple to further our effort toward advancing clean energy generation within the US,” said Scott Gubbels, Executive Director of Nelnet Renewable Energy.