Ripple and Nelnet launches $44M fund for carbon-negative crypto industry

Ripple and Nelnet launches $44M fund for carbon-negative crypto industry

Blockchain payments firm Ripple has announced a $44-million environmental, social and governance (ESG) joint venture partnership with fintech provider Nelnet Renewable Energy to fund the adoption of environmentally conscious solar energy initiatives across the United States. 

According to the announcement, the new fund is expected to offset over 1.5 million tons of carbon dioxide over 35 years, equivalent to the energy usage of 180,635 homes for one annum.

In March 2021, Nelnet Inc. received a commendable E1 ESG accreditation from the S&P Global Ratings evaluation board for the former’s $9.9-million solar tax equity fund. The project entails the financial backing to build four photovoltaic solar projects in Upstate New York.

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The evaluation was assessed across three parameters of environmental priorities: transparency, governance and mitigation, for which the project scored 88, 86

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