The investment aims to reduce US CO2 emissions by more than 1.5 million tons over the next 35 years
Ripple, the company behind the XRP cryptocurrency, has entered into a strategic partnership with clean energy company Nelnet Renewable Energy to invest in solar projects in the US and reduce the country’s carbon footprint.
In a press release shared Monday, the two companies announced a joint investment of $ 44 million in the project, with Ripple providing most of the funding.
Reducing the carbon footprint
Ken Weber, Ripple’s Head of Social Impact, stated in the statement that clean energy is not just for economic growth around the world. In his opinion, a sustainable future on a broad front depends on projects in the field of renewable energies.
“As the adoption of cryptocurrencies and blockchain continues to grow, it is obvious that the technology will underpin our future financial systems.” Weber notices.
The partnership, he added, enables Ripple to continue its commitment to reducing the carbon footprint of the global financial services industry with the goal of achieving negative carbon levels in the crypto sector.
Scott Gubbels, the Executive Director of Nelnet Renewable Energy, hailed the partnership with Ripple as one that will improve clean energy production and provide several other benefits in the United States.
“Investments like these help create jobs, deliver competitive energy to the market and promote sustainability for years to come.” he said.
According to the press release, the joint venture will finance solar projects that can offset 1.5 million tons or more of carbon dioxide over the next 35 years. That will be equivalent to reducing CO2 emissions from 154 million gallons of gasoline, Ripple and Nelnet added in the statement.
Ripple continues to make a name for itself in the financial services market, working with several global companies to offer fast, affordable cross-border payments and transfers. The company, which is still facing a lawsuit from the SEC over its XRP sale, has also made its way into the race to become cryptocurrency dependent on 100% clean energy.
This includes her commitment to the Climate Accord group and the partnership with the Energy Web, the latter in 2020.