Ripple and Nelnet invest $ 44 million in CO2 neutrality

Ripple and Nelnet invest $ 44 million in CO2 neutrality

Ripple announced a joint investment of $ 44 million with the FinTech company Nelnet Renewable Energy. Their goal is to promote solar energy projects in the United States to achieve CO2 neutrality in the financial world.

The Green Initiative

according to a current Press release , Ripple will be the leading investor in cooperation. Ken Weber - Head of Social Impact of the company - outlined the importance of the initiative and said that clean energy could not only "promote future economic growth, but also ensure a more sustainable world".

"We are happy to work with Nelnet while pursuing our commitment, reducing the CO2 footprint of financial services worldwide and redeeming a carbon-negative cryptocurrency industry."

The common initiative should extend over the next 35 years and finance solar projects that could compensate for more than 1.5 million tons of carbon dioxide. According to their estimates, this corresponds to CO2 emissions from the consumption of 154 million gallons petrol.

Scott Gubbels - Executive Director of Nelnet Renewable Energy - praised the company's platform, the investors like Ripple to join the cause of the Green Future.

"Investments such as this help to create jobs, to deliver competitive energy to the market and to promote sustainability for the coming years," he added.

It is worth noting that Nelnet Renewable Energy has reached an E1 ESG rating in March-the highest possible score in the S&P Global Rating system-for one of your funds for clean energy.

The collaboration between Ripple and Bhutan

At the end of September the blockchain-based digital payment network At , the central bank of Bhutan forces to launch a digital version of its national currency. The move was again geared towards a greener future. Bhutan-a small inland in the Himalayas-is the only CO2 negative country in the world. As such, Ripple explained that the CBDC solution would correspond to its principles:

“Rippleda's commitment of Bhutan for sustainability was important for Bhutan. The CBDC solution is climate-neutral and, since it is based on the public XRP Ledger, 120,000 times more energy-efficient than proof-of work blockchain.”

Bhutan also expects the initiative to increase the country's financial inclusion by 85 % over the next two years. In addition, Ripple’s network would give the country's central banks more "control over the edition, administration, privacy and validation" than they would receive with public blockchains.

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