Ripple and Nelnet Announce $44 Million Clean Energy Fund for a More Sustainable Future
Ripple, the leading provider of enterprise blockchain and cryptocurrency solutions that are faster, more transparent and more cost-effective, announced a strategic ESG investment with Nelnet Renewable Energy, a Nelnet business, through a $44 million joint investment into one of Nelnet’s solar energy investment funds. The joint investment, 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.
“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,” said Ken Weber, Head of Social Impact at Ripple. “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.”
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Nelnet and its co-investors are proud of their part in transitioning the country to cleaner and more reliable energy sources. In March 2021, Nelnet earned an E1 ESG rating from S&P Global Ratings on one of their earlier clean energy funds– receiving high scores on transparency, environmental and governance. E1 is the highest possible ESG rating in the S&P Global rating system and likely marks the first of many for Nelnet’s clean energy funds.
The solar projects financed by the Ripple Nelnet Renewable Energy Fund are estimated 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. As the U.S. transitions towards a zero carbon future, investments in solar power projects could not come at a better time, especially with the U.S. Department of Energy’s Solar Futures Study projection that 45% of all energy in the U.S. could be produced by solar by 2050.
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The partnership is Ripple’s latest initiative to help build a carbon-neutral future for global finance. Ripple is part of the Crypto Climate Accord, a private sector-led initiative focused on decarbonizing cryptocurrencies and making the crypto industry 100% renewable by 2030. Last year, Ripple partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger, the first major global blockchain to do so. In addition, Ripple made a commitment to become carbon net-zero by 2030 or sooner by reducing emissions and investing in carbon removal projects such as reforestation, biochar and carbon sequestration.
“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.,” said Scott Gubbels, Executive Director of Nelnet Renewable Energy. “Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come.”
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