The innovative nature of the Sustainable Community Project, selected by Ferrari with the support of ClimateSeed, lies in combining more than 800 greenhouse gas reduction and high social impact projects delivered by SMEs, municipalities and NGOs.
The objective of the project is to build a sustainable community that reduces emissions generated by small organisations. In concrete terms, the aim is to limit the environmental impact of around 10,000 energy plants belonging to the typology responsible for approximately 70% of greenhouse gases in Québec. The project encourages small efforts made by individual initiatives which, taken overall, can be converted into carbon credits of the highest quality. These initiatives include improving the energy efficiency of schools, hospitals and other buildings, waste management for industry and trade, composting and recycling.
90% of the proceeds resulting from the carbon credits are ultimately invested back into developing the community:
The remaining 10% of the proceeds is used by the developer for the costs of the project. Additionally, the project developer is a B Corp that reinvests 10% of its net income in community initiatives.
Benedetto Vigna, CEO of Ferrari, commented: "We selected the Sustainable Community Project for its innovative nature, reflected in a unique global standard that has widened accessibility to the credit market to small but significant projects. As we announced at our Capital Markets Day, Ferrari intends to increasingly act as a catalyst for change, through this initiative and other upcoming actions in support of the environment.”
SUSTAINABLE COMMUNITY PROJECT, THE KEY FIGURES:
More than 800 micro-projects in various fields, from waste management to energy efficiency
15 public bodies involved
79 members leading projects in the different communities
Up to 10,000 energy plants, which the project aims to embed within a sustainable community
– 22,852 ktCO
– 34,250 ktCO