LIVELIHOODS CARBON FUND ELECTED “BEST CORPORATE OFFSETTING PROGRAMME 2016”
Paris, France, June 7, 2016 – The Livelihoods Carbon Fund has been designated “Best Corporate Offsetting Programme 2016” in the Voluntary Carbon Markets Rankings published by Environmental Finance Magazine.
For its 6th annual ranking, Environmental Finance Magazine polled approximately 1,000 companies to designate the leading project developers, traders, wholesalers, advisors, verifiers and other service providers in the carbon markets. Livelihoods Carbon Fund was selected based on the benefits it creates for local communities, the scale of its projects and its ability to federate diverse partners.
“Building on our commitment to lead in sustainability, Firmenich engages in a number of innovative partnerships, such as Livelihoods Funds, to maximize our impact,” says Gilbert Ghostine, CEO at Firmenich. “We are proud and humbled that the market has recognized this platform as the leader in its field. Thanks to Livelihoods we can offset carbon emissions responsibly while also enabling the sustainable livelihoods of farming communities around the world.”
“We are proud that our peers voted the Livelihoods Carbon Fund ‘Best Corporate Offsetting Programme,’ says Bernard Giraud, President of Livelihoods Venture. “This award is recognition of our efforts to use the carbon economy as a lever to improve the livelihoods of rural communities.”
“A major learning from the Livelihoods Carbon Fund is that companies are able to join forces and work together to develop impactful solutions,” explains Pierre-André Térisse, Chairman of the board of the Livelihoods Carbon Fund.
Livelihoods Venture currently manages two funds: Livelihoods Carbon Fund and Livelihoods Fund for Family Farming. The funds invest in projects in Africa, Asia and Latin America.
Livelihoods Carbon Fund has 9 ongoing projects. It simultaneously tackles poverty, environmental degradation and climate change through agroforestry, ecosystem restoration and rural energy projects. These projects are improving the livelihoods of one million people (revenues, health, empowerment) namely by planting 130 million trees and equipping 120,000 households with efficient cookstoves. The projects will sequester about 10 million tons of CO2 over twenty years.
Livelihoods Fund for Family Farming aims at improving the livelihoods of smallholder farmers by transforming the supply chains of its investors. Projects will empower farmers with sustainable agricultural practices and efficiently connect them to markets in order to create value for all: improved and secured revenues for famers, improved sourcing in quality and quantity for fund’s investors as well as public goods (nature and water conservation, CO2 sequestration) for society as a whole. This fund, launched in 2015, will invest 120 million euros over ten years and aims at positively impacting the lives of 2 million people by converting 200,000 farms to sustainable agricultural practices.
Livelihoods funds provide upfront financing to best-in-class NGOs to scale-up tested pilots. Projects are implemented over 10 to 20 years and returns to the funds are results-based to ensure tangible social, economic and environmental impact.
Twelve major companies have invested in these two funds so far: Danone, Schneider Electric, Crédit Agricole S.A., Michelin, Hermès, SAP, Groupe Caisse des Dépôts, La Poste, Firmenich, Voyageurs du Monde, Mars Inc. and Veolia.
Firmenich is the world’s largest privately-owned company in the fragrance and flavor business. Founded in Geneva, Switzerland, in 1895, it has created many of the world’s best-known perfumes and flavors that billions of consumers enjoy each day. Its passion for smell and taste is at the heart of its success. It is renowned for its creativity and innovation, as well as its exceptional understanding of consumer trends. Each year, it invests around 10% of its turnover in R&D, reflecting its continuous desire to understand, share and sublimate the best that nature has to offer. Firmenich had an annual turnover of 3.0 billion Swiss Francs at end June 2015.
About Livelihoods Funds
Livelihoods investment funds have been created by private companies to generate social, environmental and economic impact in Africa, Asia and Latin America. Livelihoods links private companies, NGOs, public institutions and experts. It builds public-private coalitions to develop projects generating value for all: improved livelihoods for rural communities, public goods (nature and water conservation, CO2 sequestration), sustainable sourcing and high quality carbon credits for businesses. Livelihoods funds provide upfront financing to best-in-class NGOs for the implementation of large scale projects over 10 to 20 years. Returns to the funds are results-based to guarantee that projects are delivering tangible social, environmental and economic results.