Ripple announced a $44 million joint investment with the fintech firm – Nelnet Renewable Energy. Their goal is to fund solar energy projects throughout the USA as they aim for carbon-neutrality in the financial world.
The Green Initiative
According to a recent press release, Ripple will be the leading investor in the collaboration. Ken Weber – Head of Social Impact at the company – outlined the importance of the initiative, saying clean energy could not only “drive future economic growth but could also ensure a more sustainable world.”
“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.”
The plan of this joint initiative is to spread over the next 35 years and to finance solar projects which could offset more than 1.5 million tons of carbon dioxide. According to their estimations, this is equal to the CO2 emissions from consuming 154 million gallons of gasoline.
Scott Gubbels – Executive Director of Nelnet Renewable Energy – praised the company’s platform, which allows investors like Ripple to join the green future cause.
“Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come,” he added.
It is worth noting that in March, Nelnet Renewable Energy earned an E1 ESG rating – the highest possible score in the S&P Global rating system – on one of their clean energy funds.
The Collaboration Between Ripple And Bhutan
At the end of September, the blockchain-based digital payment network joined forces with Bhutan’s central bank to launch a digital version of its national currency. The move was once again oriented towards a greener future. Bhutan – a small land-locked country in the Himalayas – is known to be the only carbon-negative nation across the globe. As such, Ripple explained that the CBDC solution would be a match for its principles:
“Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy-efficient than proof-of-work blockchains.”
Bhutan also anticipates the initiative to boost the country’s financial inclusion by 85% in the next two years. Additionally, Ripple’s network would provide the nation’s central banks with more “control over the issuance, management, privacy, and validation than they would get with public blockchains.”