Ripple signs exclusive ESG partnership worth $44 million

By Palak Malhotra
Published October 12, 2021 Updated October 12, 2021
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Ripple signs exclusive ESG partnership worth $44 million

By Palak Malhotra
Published October 12, 2021 Updated October 12, 2021

The leading blockchain and cryptocurrency solutions provider, Ripple announced a strategic ESG joint investment worth $44 million with Nelnet Renewable Energy, into one of Nelnet’s solar energy investment funds. According to the Press Release, this multi-million-dollar joint investment fund aims to finance solar energy projects throughout the United States, and further enable the adoption of a sustainable energy-driven future.

Ripple reinstated the dominance of digital money, along with the massive carbon footprint derived from it. The Head of Social Impact at Ripple noted in the Press Release that clean energy will facilitate better and faster economic growth as well as ensure overall eco-conscious behavior throughout different markets. As crypto adoption takes to several mainstream industries, it becomes essential to dedicate a certain amount of funding towards reducing the carbon footprint of financial services globally and run a carbon-negative decentralized market.

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

Musk promotes crypto as an eco-friendly industry

Along with regulatory concerns, the crypto community has also received backlash for its unsustainable nature. Tesla CEO, Elon Musk, who earlier this year discontinued Bitcoin payments in lieu of Bitcoin Mining’s wasteful use of energy resources, recently talked in favor of the cryptocurrency. He cited the Bitcoin Mining Council’s (BMC) July report, revealing an approximately 56% hike in sustainable energy consumption by the global Bitcoin mining industry, making it one of the most sustainable industries.

Furthermore, after restoring his BTC supporter status, Musk recently opposed the crypto clause of the US Infrastructure Bill. He warned the U.S. government against their expanding crypto crackdown, reinstating that they should “Do Nothing” to slow down the crypto industry to a strict regulatory framework.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
301 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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