Crypto companies around the world are taking steps to address the issue of environmental social governance (ESG). Ripple, a blockchain startup based in San Francisco, is launching a similar plan through a partnership with Nelnet Renewable Energy.
Ripple Establishes a $44M Investment in Clean Energy Fund
Ripple announced on its Twitter page on October 11, that it has established a $44 million investment in a clean energy fund with Nelnet and all funds will go to Nelnet’s solar mutual fund. In addition, the goal is to use funds for several solar projects in the US that will lead to a cleaner and more sustainable future.
This is Ripple’s latest attempt to build a global climate-neutral future. This private sector-led plan focused on decarbonizing cryptocurrencies, and the cryptocurrency industry plans to achieve 100% renewable energy transformation by 2030.
Regarding this development, Ken Weber, Head of Social Impact at Ripple stated that ensuring a clean energy future is the top priority of any industry, not only to fuel future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrency and blockchain continues to grow, it is clear that this technology will support our future financial system.
We are very excited to partner with Nelnet because we are committed to reducing the carbon footprint of global financial services and delivering on the promise of the carbon-negative cryptocurrency industry.
Ripple Energy Fund Offsets 1.5 Million Tons of Carbon dioxide
With this new investment, Ripple has also set an ambitious goal for itself. Solar projects funded by the Ripple Nelnet Renewable Energy Fund will offset about 1.5 million tons of carbon dioxide (CO2) over the next 35 years. This is equivalent to the emissions of 154 million gallons of gasoline.
Therefore, the Ripple initiative will also help the United States move into a climate-neutral future. On the other hand, Nelnet is accelerating the measures for a clean energy future. Back in March 2021, Nelnet received an E1 ESG rating from Standard & Poor’s Global Ratings, one of its early clean energy funds. E1 is also the highest possible ESG rating in Standard & Poor’s global rating system.
Scott Gubbels, Executive Director of Nelnet Renewable Energy stated that they are excited to have a world-class investor platform that enables them to work with investors like Ripple to further advance their efforts to promote clean power generation in the U.S. These investments will help create jobs and provide competitive energy. the market and promote sustainability in the years to come.