Blockchain-based international remittance solution company Ripple announced on November 11 that it will invest $44 million in ESG along with Nelnet Renewable Energy into Nelnet’s solar energy investment fund.
As per the company’s press release, the solar projects financed by the two companies are estimated to reduce more than 1.5 million tonnes of carbon dioxide (CO2) over 35 years, which is equivalent to the CO2 emitted when consuming 154 million gallons of gasoline.
Ken Weber, Head of Social Impact at Ripple, said:
“Guaranteeing a clean energy future is a major priority across every industry, not only to drive future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems.”
“Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come,” Scott Gubbels, Executive Director of Nelnet Renewable Energy, said in the company’s press release.
Ripple has been pretty active in building an environmentally friendly future by participating and partnering in several initiatives. The network recently participated in the Crypto Climate Accord, which aims to operate the crypto-asset industry on 100% renewable energy by 2030.
In 2020, the company partnered with Energy Web and the Rocky Mountain Institute to make the XRP Ledger carbon neutral.