Ripple and Nelnet launch $44m clean energy fund

The investment will support solar energy projects across the US, which are estimated to offset more than 1.5m tons of carbon emissions over 35 years

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Provider of blockchain and cryptocurrency solutions Ripple and financial services company Nelnet have launched a $44 million (£32m) joint fund to support a sustainable future.

The investment, majority of which is funded by Ripple, will support solar energy projects across the US, which are estimated to offset more than 1.5 million tons of carbon emissions over 35 years.

That’s equivalent to the amount of CO2 emitted from consuming 154 million gallons of fuel.

The partnership is Ripple’s latest initiative to help build a carbon-neutral future for global finance and supports its commitment to become net zero by 2030 or sooner.

The company is part of the Crypto Climate Accord, a private sector-led initiative focused on decarbonising cryptocurrencies and making the industry 100% renewable by 2030.

Ken Weber, Head of Social Impact at Ripple said: “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.”