ID Finance has become the first carbon-neutral Fintech in Spain and Mexico and has just received the badge COMPENSO of Spanish Ministry of Environment. This badge is the result of a long and exhaustive analysis process. In the context of this audited analysis, the company has carried out a measurement of its carbon footprint. In order to compensate its emissions, it is participating in three environmental projects in Spain and Mexico.
Project of forest restoration in Sierra de Gredos
In 2009 a fire burned down 4,200 hectares of forest in the Tiétar Valley, located south of Sierra de Gredos. As a result of this tragic incident, the regional Government of Castilla y León launched an ambitious plan to recover that area. The main goal was to reforest it by using different tree species to boost plant diversity. Also to assure its durability in the face of erosive processes.
In the context of ID Finance carbon footprint compensation plan, the company has signed an agreement with the local authorities –the Junta of Castilla y León– which supervises this area and the reforestation project. The main species employed is the wild pine (Pinus sylvestris). In addition, it is planting as well birch trees (Betula alba) and service trees (Sorbus aucuparia). Hence, all in all 2,000 units will be planted per hectare, distributed in rectangles of 2.5 x 2 metre to facilitate maintenance.
Reforestation project in Guilleries-Savassona
Located in the province of Barcelona, Les Guilleries-Savassona is a protected wildlife area. Actually, it is a transition zone between Mediterranean and Eurosiberian ecosystems. Hence it has a huge vegetal and animal diversity.
These kind of ecosystems, combining characteristics of different climate regions, are more sensitive to climate change. In this sense the project is mainly aimed at replanting the area close to Vilanova de Sau to help trees adapt to future unfavourable scenarios. The organization responsible to execute the plan during the first year is Bosques Sostenibles.
The tree species used for it are mainly stone pine (Pinus pinea), holm oak (Quercus Ilex) and white oak (Quercus pubescens). In addition, though in les proportion, also service tree (Sorbus domestica) and rock white beam (Sorbus torminalis) will also be planted. All in all, 652 units will be planted.
Carbon compensation project in Mexico
In Mexico, ID Finance works with Pronatura México, an organization for the conservation and restoration of biodiversity. The collaboration agreement aims at neutralizing CO2 emissions and at preserving forests and Mexican ecosystems. In particular, Pronatura México works at the centre-occidental regions of Mexico. In this sense, ID Finance is supporting its projects aimed at preserving mountains, forests, wetlands and urban nature.
The Mexican association compensates in first place greenhouse gas emissions captured in the forests. As a next step, measurement is verified by organisms such as the Asociación de Normalización y Certificación A.C. y Plan Vivo. Latter checks that the results are correct. Finally, these captured CO2 emissions are sold per ton as carbon credits. These credits contribute significantly to:
- Protecting biodiversity and endemic species of this area such as the golden eagle, ocelot, tapir or wild cat.
- Capturing tons of CO2 and mitigating climate change.
- Preserving endemic ecosystems sensitive to climate change as is the case of the cloud forest and the deciduous dry forest.
- Generating employment for the proper care of forests and agroforestry.
- Contributing to generate income for vulnerable communities.As a result of ID Finance contribution to these causes,
- Pronatura has provided the company a Certificate of Carbon Capture.
