CSR News - Allianz Backs Wildlife Works' REDD Campaign to Save the World's Threatened Forests
Last updated 10/14/2011 3:46:44 PM
Wildlife Works Carbon LLC (WWC), the world's leading REDD (Reducing Emissions from Deforestation and Forest Degradation) project development and management company announced today that insurance giant Allianz SE, headquartered in Munich Germany, has made a 10% equity investment in Wildlife Works Carbon.
Allianz has also agreed to a multi-year option to purchase carbon credits from Wildlife Works Carbon pioneering Kasigau Corridor REDD Project in Kenya, the first REDD project in the world to achieve validation and verification under the Verified Carbon Standard (VCS) and the Climate, Community and Biodiversity Standard (CCB).
This groundbreaking REDD project will result in the avoidance of over 1 million tonnes of CO2-e emissions per year for the next 30 years while protecting endangered wildlife and bringing the benefits of carbon finance to more than 100,000 people in the surrounding communities.
Allianz' equity investment backs Wildlife Works' plan to quickly develop a portfolio of additional REDD projects to protect five million hectares of native forest, mitigating at least 25 million tons of CO2 emissions per year, resulting in the creation of thousands of sustainable jobs in forest communities, while strengthening the rights of forest dwelling peoples.
"We believe that REDD should play a major role in combating climate change. We (the private sector) can do something about this as market-based REDD can scale and significantly contribute to reversing the global warming trend. Wildlife Works Carbon's holistic approach and community focused REDD project portfolio has made them a leader in this critical effort, and that is why we are backing them so strongly," said Dr. Armin Sandhövel, CEO of Allianz Climate Solutions, a 100% subsidiary of Allianz SE which carried out the WWC investment process as Allianz' dedicated investment company for carbon related investments.
"Widespread private sector engagement is the fastest solution to stop the destruction of the world's forests. Allianz' investment in Wildlife Works Carbon demonstrates that private sector financed REDD can and should play a leading role in the global effort to reduce deforestation. We are grateful and extremely pleased that Allianz has joined our campaign to save the threatened forests of the world," said Mike Korchinsky, founder and CEO of Wildlife Works.