Ripple and Nelnet Renewable Energy announced this Monday they have launched a $44 million clean energy fund to support the energy transition in the United States. The funds are a joint investment with a majority stake from Ripple.
Firstly, Ripple is a leading provider of enterprise blockchain and cryptocurrency solutions. It is, in fact, one of the most transparent and cost-effective companies in its field. It also has the commitment to become carbon net-zero by 2030 or sooner.
Moreover, the company is part of the Crypto Climate Accord, a private sector-led initiative focused on decarbonizing cryptocurrencies. It also intends to make the crypto industry 100% renewable by 2030.
Furthermore, last year Ripple partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger, the first major global blockchain to do so. All of these efforts add to the company’s latest, which is the Nelnet partnership.
In fact, the fund will offset over 1,5 million tons of carbon dioxide over 35 years. Such an amount is the equivalent CO2 of consuming 154 million gallons of gasoline. Indeed, the effort from the two companies was strategically timed to align with the transitioning efforts from the US.
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Ripple, a perfect partner for Nelnet
In addition, about the relevance of the partnership, Ken Weber, Head of Social Impact at Ripple, said. “As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems.”
He also remarked. “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.”
On the other hand, Nelnet is a publicly traded diversified financial services and technology company. It has over $20 billion in assets and services over $500 billion in loan assets. Moreover, Nelnet Renewable Energy is the company’s renewable energy investment, management, and development business.
As a result, the company is proud to partner with Ripple and to further push solutions for a cleaner and more reliable finance sector. Such were the words of Scott Gubbels, Executive Director of Nelnet Renewable Energy. “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.”
Finally, he remarked. “Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come.”