The Carbon Offset Sponsor for Guernsey Sustainable Finance Week has selected a reforestation project in Costa Rica and a local nature conservation charity as its two beneficiaries.
Through its sponsorship, The International Stock Exchange (TISE), headquartered in Guernsey, will make a monetary donation which exceeds the amount required to offset the event’s carbon footprint, including scope 1, 2 and 3 emissions.
For its international beneficiary, TISE has selected BaumInvest Mixed Reforestation in Costa Rica, which aims to reforest pasture land previously used for extensive cattle ranching in northern Costa Rica, using mixed stands of various indigenous tree species as well as teak.
Locally, TISE will donate to the Guernsey Conservation Volunteers, who work to conserve Guernsey’s natural environment, working on picturesque sites and nature reserves around the island to maintain and enhance the biodiversity of the area.
TISE CEO Cees Vermaas, who was part of a panel discussing the role of carbon pricing and markets during the event, said that supporting their two chosen initiatives complemented both the objectives of the Exchange’s sustainable finance segment, TISE Sustainable, and the key themes of Sustainable Finance Week.
“I am delighted that we can once again support Guernsey Sustainable Finance Week both by contributing to the thought leadership sessions and through sponsorship of the carbon offset initiative,” he added. “It is important that Guernsey continues to stimulate ideas and actions on issues of sustainability, but that these discussions are held in a responsible manner, and that is why we were so pleased to fund the offset of emissions arising from this event.
“We have decided to contribute towards one local and one international initiative as this not only spreads the benefits, but it reflects how sustainability is a global challenge which can be met through both local and international responses
“We chose the reforestation project in Costa Rica due to its contribution to the UN Sustainable Development Goals across both the environment and society. It combines premium quality standards of a recognised forest carbon offset project with multiple ecological and socio-economic benefits for local communities and the environment. This project was one of the first afforestation/reforestation projects in the world which gained the Gold Standard Certification.
“For our local choice, the aims of the Guernsey Conservation Volunteers support Guernsey’s Strategy for Nature, including increasing the public awareness of Guernsey’s diminishing natural environment and promoting practical conservation activities for the benefit of the community.”
It is the first time Guernsey Finance has had such a sponsor at one of its events as part of its goal of contributing towards a sustainable and environmentally conscious future, although the promotional agency took steps to make the 2022 Guernsey Funds Forum carbon neutral by putting its carbon offsets towards a solar power project in Rajasthan in India, as well as matching the offset costs by giving a donation to the Guernsey Community Foundation.
Guernsey Finance Head of Strategy & Sustainable Finance Stephanie Glover said: “Guernsey Finance has a net-zero action plan to reduce its carbon emissions and be as positively impactful as possible on the community and environment.
“That includes running our events in a more sustainable manner and we are delighted that TISE has become the first organisation to assist us in offsetting our carbon emissions and thereby ensuring the event upholds its aim to promote a more sustainable future.”
GCV Operations Director Angela Salmon said: “The Guernsey Conservation Volunteers would like to thank The International Stock Exchange for their generous donation as part of Guernsey Sustainable Finance Week. As a small Guernsey charity, donations play an essential part in supporting our ongoing conservation work.
“Climate change and the loss of biodiversity are having an impact on Guernsey and the work of the Guernsey Conservation Volunteers focusses on maintaining or enhancing biodiversity to reverse this loss.”
