Ripple and Nelnet to launch $44 million clean energy fund
Ripple announced a partnership with Nelnet Renewable Energy to reduce the crypto industry's carbon footprint.
Right back at you, @Nelnetsolar! We're excited to work with Nelnet to support solar energy projects throughout the U.S. as part of our commitment to reduce the carbon footprint of financial services globally and deliver on the promise of a #CarbonNegative #crypto industry. https://t.co/ETMUboLW2o— Ripple (@Ripple) October 11, 2021
The partnership will create a $44 million fund to finance Nelnet's solar energy projects in the US. Ripple will provide most of the capital.
According to the press release, the solar projects financed by the Ripple Nelnet Renewable Energy Fund are estimated to offset more than 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.
Ken Weber, Head of Social Impact at Ripple, stated that the partnership will help the company meet its commitments "to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon negative cryptocurrency industry."
Ripple previously joined the Crypto Climate Accord initiative, which aims to decarbonize the crypto industry and transition it completely to renewable energy by 2030.
#Ripple Joins #Crypto Climate Accord To Decarbonize #Blockchains@Ripple joined the #Cryptocurrency version of the Paris Climate Accord to reach carbon neutrality for #Cryptocurrencieshttps://t.co/rBJu7I0izK— XRPcryptowolf (@XRPcryptowolf) April 9, 2021
In 2020, the fintech company began working with Energy Web and the Rocky Mountain Institute to reduce the XRP Ledger network's carbon footprint to zero.