According to Ripple’s press release, this joint investment, which is majority funded by Ripple, will “fund solar energy projects throughout the U.S. in support of the transition to a cleaner and more stable energy future.”
Ken Weber, Head of Social Impact at Ripple, said of the new fund:
“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. 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.“
Ripple expects the solar projects financed by the Ripple Nelnet Renewable Energy Fund to “offset over 1.5 million tons of carbon dioxide over 35 years, which is the equivalent amount of CO2 emissions from consuming 154 million gallons of gasoline.”
Scott Gubbels, Executive Director of Nelnet Renewable Energy, said:
“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 U.S. Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.