On Monday, the Ripple-backed digital payment service made a $44 million Environmental, Social and Governance (ESG) investment with Nelnet (NYSE: NNI) Renewable Energy as one of Nelnet’s solar energy funds.
Ripple will be a major investor in the merger. which will fund solar projects across the United States.
Solar projects are expected to offset more than 1.5 million tons of CO2 over 35 years, equivalent to the CO2 emissions of 154 million gallons of gasoline.
“Guaranteing the future of clean energy is a top priority in every industry. This will not only drive future economic growth. But it also ensures that the world is more sustainable. while the acceptance of Cryptocurrencies and Blockchain continue to grow, it is clear that this technology will support our future financial system,” Ripple’s head of social impact Ken Weber said in a press release. We comply with our commitment to reducing the carbon footprint of global financial services negative currencies.”
The use of the carbon power of crypto mining has been a long-standing concern. And this is not the first environmentally focused partnership for Ripple. Ripple is part of the Crypto Climate Accord, which aims to make the crypto industry 100% renewable by 2030.
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