The investment aims to reduce US carbon emissions by more than 1.5 million tons over the next 35 years.
rippleThe company behind the cryptocurrency XRP has formed a strategic partnership with clean energy company Nelnet Renewable Energy in a deal that aims to invest in solar energy projects across the United States and help reduce the country’s carbon emissions.
in a Press release Released Monday, the two companies announced a joint investment of $44 million in the project, with Ripple providing the bulk of the funds.
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Ken Webber, Head of Social Impact at Ripple, noted in the statement that clean energy is not just for economic growth around the world. According to him, the sustainable future in all areas depends on projects in the renewable energy sector.
“As cryptocurrency and blockchain adoption continues to grow, it is clear that this technology will be the foundation of our future financial systems.”Weber noted.
He added that this partnership allows 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 industry.
Scott Goebbels, CEO of Nelnet Renewable Energy, praised the partnership with Ripple, which will improve clean energy production and provide many other benefits to the United States.
“Investments of this kind help create jobs, provide competitive power to the market and enhance sustainability for years to come.”, did he say.
According to the press release, the joint venture aims to fund solar energy projects capable of offsetting 1.5 million tons or more of carbon dioxide over the next 35 years. This is equivalent to reducing CO2 emissions by 154 million gallons of gasoline, Ripple and Neilent added in the statement.
Ripple continues to establish itself in the financial services market, partnering with several global companies to provide fast and inexpensive cross-border payments and transfers. The company, which is still facing a lawsuit from the Securities and Exchange Commission over its sale of XRP, has made progress in the battle for cryptocurrency to become 100% clean energy.
Ripple is particularly committed to the Climate Accord Group and has partnered with Energy Web, the latter of which will intervene in 2020.