First Habitat Bank created in Colombia and in Latin America has already sold 100% of its biodiversity compliance credits
The first Habitat Bank registered and developed in in 2017 by Terrasos with the Colombian Ministry of Environment and Sustainable Development has sold 100% of its 600 credits and is now entering an expansion phase. Each credit corresponds to one hectare of conservation and restoration for 30 years. Habitat Banks are a mechanism for companies to comply with biodiversity compensation regulation and they work under a performance based payment approach.
This Habitat Bank, located in San Martín de los Llanos, Meta, is also the first of its kind in Latin America and was created as a major initiative to increase the effectiveness of biodiversity compensation and reduce transaction costs for all parties involved in biodiversity loss compensations by companies. This project is managed by Terrasos, operated by the owners of the Rey Zamuro Natural Reserve, local communities, and BIDLab as a partner.
To ensure effective and high-impact biodiversity compensation, the Habitat Bank - Meta has the technical, financial, and legal assurances that will allow it to maintain conservation and sustainable restoration results for at least 30 years. Registration with the Ministry of Environment, as well as approval from the permitting agencies, is an essential requirement to fulfill regulatory compensation requirements. This process was carried out in accordance with Resolution 1051 of 2017, which establishes the necessary requirements for the implementation of Habitat Banks in the country.
Companies such as OCENSA, Grupo de Energía de Bogotá, CENIT, Oleoducto de los Llanos, ISA Intercolombia, Vetra, and ONGC have individually contributed to generating high environmental impact results. These companies have chosen Terrasos'
Habitat Banks as their compliance mechanism for biodiversity compensation and 1% forced investments. Habitat Banks are a solution to reduce transaction costs and maximize positive biodiversity results associated with environmental compensations by companies. Habitat banks deliver long term rural development alternatives and thus providing appropriate economic models for energy and economic transitions.
“We have become the chosen alternative for companies with very high ESG standards. This makes us extremely proud. Through a single process, we ensure all stages associated with the design and execution of a compensation plan or mandatory investment, which not only reduces costs but also time and guarantees effective implementation.” Said Mariana Sarmiento, Founder and CEO of Terrasos.
For more information: www.terrasos.co