Ripple Collaborates with Nelnet to Invest $44M, Reduce Carbon Footprint

Ripple Collaborates with Nelnet to Invest $44M, Reduce Carbon Footprint
  • The fund will support solar energy projects in the US.
  • The Crypto Climate Accord brings together 20 companies.

Ripple has signed a $44 million ESG joint venture with fintech provider Nelnet Renewable Energy to support the implementation of environmentally friendly solar energy projects throughout the US.

Furthermore, the new fund is projected to offset nearly 1.5 million tons of CO2 over 35 years or the annual energy use of 180,635 households. Moreover, in March 2021, S&P Global Ratings awarded Nelnet Inc. and E1 ESG ratings for their $9.9 million solar tax equity fund. Also, the initiative will fund four photovoltaic solar installations in Upstate New York.

Moreover, the fund will support solar energy projects in the US to assist the nation in moving to greener. Also more reliable electricity. Sustainable futures are becoming important to every sector, according to Ripple’s Head of Social Impact, Ken Weber.

Ken Weber said:

“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.”

Carbon-Neutral by 2030

The project earned 88, 86, and 80 out of 100 for transparency, governance, and mitigation, respectively. Earlier this year, the business announced intentions to become carbon-neutral by 2030.

Founded in April 2021, the Crypto Climate Accord brings together 20 companies. From the crypto, finance, technology, and energy sectors to work towards 100% renewable energy by 2025. Also, net-zero emissions by 2040.

VeChain’s principal scientist, Peter Zhou, was asked about the significance of environmental sustainability in this industry. According to a recent VeChain study. The total carbon emissions per year produced by VeChainThor is about 4.58 metric tons. Or 2.4 percent of the carbon footprint produced for mining a single Bitcoin.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.