Ripple And Nelnet Join Forces To Reduce The Carbon Footprint

Ripple and Nelnet are joining forces to invest in a mutual investment to reduce the carbon footprint from the future monetary network as we are reading more In our Ripple news.

Ripple announced a $44 million joint investment with Nelnet Renewable Energy fintech company and their goal is to fund the solar energy projects across the USA as they aim for carbon-neutrality in the financial space. According to the recent press release, Ripple will be the lead investor in the partnership as Ken Weber who is the Head of Social Impact at the company, outlined the importance of the initiative, saying that clean energy will boost the economic growth but will also ensure a sustainable world in the future:

“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 the joint initaitive is to spread over the next 35 years and to finance the solar projects that could offset more than 1.5 million tons of carbon dioxide and as per their estimations, this is equal to the CO2 emissions from consuming 154 million gallons of gasoline. Scott Gubbels who is the executive director of Nelnet Renewable Energy said that the world needs more companies 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.”

It’s worth noting that back in March, Nelnet Renewable Energy earned an E1 ESG Rating which is the highest possible score in the S&P Global Rating system. At the end of September, the digital payment network joined forces with Bhutan’s central bank to launch a digital version of its national currency as the move was oriented towards a green future. Bhutan is a small landlocked country in the Himalayas that is known to be carbon-negative and as such, Ripple explained that a CBDC solution will be a perfect 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.”

Now with Ripple and Nelnet joining forces, we can see Ripple’s network providing more central banks worldwide with control over the issuance, privacy, management, and validation with public blockchains.