A Religious Organization in the Carbon Credit Market
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A Religious Organization in the Carbon Credit Market
Financial Solutions. By selling their Carbon Credits, les Soeurs de l'Assomption de la Sainte Vierge are writing an important chapter in the history of the Roman Catholic Church by becoming the first religious organization recognized by the Vatican to sell Carbon Credits. The proceeds of the sale will contribute to the preservation and valorization of the religious and cultural heritage developed by the Congregation since its foundation in 1853.
The GHG reductions traded are the result of an energy switching project as well as the implementation of energy efficiency measures. The Congregation has modernized the heating system in the main building and in the nursery by implementing geothermal energy as a replacement to the light oil system. The geothermal project implementation has necessitated the drilling of 88 wells, which makes it one of the most important private geothermal projects in the Province of Quebec. It has also allowed a significant reduction of light oil consumption.
"Since its foundation, our Congregation pursues a mission of educating the youth. Our approach of teaching is holistic and it includes instruction as well as civism. By investing in the environment, we wish to leave a better world to future generations" explains Sister Huguette Moreau, responsible for the project.
The Carbon Credits were sold to L2I Financial Solutions, who sold them to the GreeningCanada Fund afterward. The Greening Canada Fund purchases community-based Canadian Carbon Credits for its investors, who include BMO Bank Financial Group, TD Bank Financial Group the law firm Stikeman Elliott, LLP.
About les Soeurs de l'Assomption de la Sainte Vierge (www.sasv.ca)
The Congregation des Soeurs de l'Assomption de la Sainte Vierge was founded in 1853. It is an autonomous Congregation that reports directly to the Vatican in Rome. It was constituted as a moral person under the Law Constituting the Congregation les Soeurs de l'Assomption de la Sainte Vierge (Private Bill number 107). The Congregation has a mission to educate the youth and to promote culture and arts such as visual arts and music. For many decades, les Soeurs de l'Assomption de la Sainte Vierge have accomplished their mission by operating and teaching at the Notre-Dame-de-l'Assomption College, a private school for girls located in Nicolet, Qc. The Congregation has its mother house in the province of Quebec and pavilions in 5 countries : Canada, United States, Japan, Brazil and Ecuador.
About L2I Financial Solutions
L2I is a leading player in the field of alternative financing, climate and environmental finance. L2I designs, develops and delivers innovative and sustainable financial solutions for established or rising small and medium size companies that are key players of the low carbon and knowledge based economy. www.solutionsl2i.com
About the Greening Canada Fund (www.greenpoweraction.com)
The Greening Canada Fund, managed by Green Power Action, is the first ever voluntary carbon emissions reduction aimed exclusively at large Canadian corporations. The Fund engages in carbon-smart community investing to obtain blue-chip, high quality carbon offset credits from across Canada. The fund was launched in 2009 as an initiative of CivicAction, and includes investors such as BMO Financial Group and TD Bank Financial Group and Stikeman Elliott, LLP, leaders in corporate environmental sustainability.
About Green Power Action (www.greenpoweraction.com)
The Greening Canada Fund is the first in a series of carbon-smart community investment innovations developed and managed by Green Power Action. As Canada's predominant buyer of high quality social credits, we provide alternative investment solutions for organizations that want to manage their environmental impact, whether for voluntary or compliance purposes.
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