Ripple along with Nelnet Renewable Energy has made an Environmental, Social, and Governance (ESG) investment worth $ 44 million into one of Nelnet’s solar energy investment funds.
The joint investment comprises the bulk of the funds from Ripple.
It is reported that it will be used for solar energy projects across the United States (US) in an effort to support more environmentally friendly energy use.
Over 1.5 million tonnes of carbon dioxide over a period of 35 years, equivalent to the same amount of carbon dioxide emissions from the consumption of 154 million gallons of petrol will be better controlled through this project.
The issue of carbon emissions of the crypto industry has long been a concern for every other sector as it not only drives economic development but also to ensure environmental sustainability.
This is not the first Ripple collaboration involving the environment. Many are unaware Ripple is also part of the Crypto Climate Accord, an initiative that seeks to create a crypto industry with 100% renewable energy by 2030.
Not only that, Energy Web has launched a decentralized approach to decarbonization through a partnership with Ripple as its first partner.
This positive sentiment however failed to boost the price of XRP. At the time of writing, the asset is trading at $ 1.11, down nearly 6% in 24 hours. Still a long way off XRP’s journey to surpass the all-time high (ATH) in 2018, $ 3.84, needs an increase of at least over 71%.