HeavyFinance to become leading carbon credit producer
Peer-to-peer lending platform HeavyFinance has predicted that it will become one of the largest carbon credit producers in Europe by 2024.
The lender plans to generate 250,000 carbon credits in the UK and Europe in 2024, by removing 250,000 tonnes of CO2 from the atmosphere through sustainable investment offerings and Article 9 funds for retail and institutional investors.
Article 9 funds are also known as “products targeting sustainable investments” and allow investors to choose new products and services based on their environmental impact.
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HeavyFinance will generate the carbon credits by using the platform’s investments to raise funds for no-tillage and sustainable farming practices to remove CO2 and tackle food shortages across Europe.
The majority of the carbon credits will be generated in Poland, Lithuania and Bulgaria, with a view to expanding operations across the continent throughout the next 18 months.
“Setting out attainable goals and commitments is an important part of tackling climate issues and the generation of 250,000 carbon credits will bring actionable benefits across Europe,” said Eryk Frontczak, carbon product manager at HeavyFinance.
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“Countries such as Poland have huge potential for carbon reduction through sustainable farming, helping to prioritise soil health which contributes to the food market, generate new revenue streams through carbon credits, build climate resilience and maximise agricultural yield.”
HeavyFinance recently launched a suite of green loans to provide investors with up to 30 per cent on annual returns within a four-year investment period from the sale of CO2 remove credits produced in European farmland.
“Carbon reduction is becoming increasingly important as organisations evaluate and implement ESG strategies, and raising awareness of the carbon credit market and Article 9 funds is a vital step in the carbon removal and reduction process,” said Laimonas Noreika, chief executive and co-founder of HeavyFinance.
“Collaboration with European institutions to promote the value of carbon credits in sustainability action is an essential part of the solution and our capacity to generate 250,000 carbon credits will help towards our goal of removing one gigaton of CO2 emissions by 2050.”
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