Ripple Teams Up With Nelnet To Invest $ 44 Million In Solar Power
Ripple announced on Monday that Ripple has partnered with Nelnet (NYSE: NNI) Renewable Energy in one of Nelnet’s solar energy funds, a crypto-based digital payment service.
Ripple will be the main investor in the merger that will fund solar projects across the United States.
The company estimates that solar projects financed by the joint venture offset more than 1.5 million tons of carbon dioxide over 35 years, or roughly the same amount of carbon dioxide emissions from consuming 154 million gallons of gasoline.
“Securing clean energy in the future is a top priority for every industry, not only to drive future economic growth, but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchains continues to grow, it is clear that technology will underpin our future financial systems, ”said Ken Weber, Head of Social Performance at Ripple, in a press release. “We are delighted to be working with Nelnet as we fulfill our commitment to reduce the carbon footprint of financial services worldwide and keep our promise that the cryptocurrency industry is carbon negative.”.
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Cryptoindustry’s carbon footprint is a long-standing concern, and this is not Ripple’s first green partnership. Ripple is part of the Crypto Climate Accord, which aims to make the crypto industry run on 100% renewable energy by 2030.
Last year, the nonprofit Energy Web launched a decentralized approach to decarbonizing the network and chose Ripple as its first partner.