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  • Drake, Other Celebrities Back Financial Firm’s Efforts To Offset Their Carbon Footprints – Westside Story Newspaper – Online – California News Times

 July 15

by Carolina

Grammy Award winning rapper Drake Is the latest in a group of California-based celebrities, including actors Robert Downey Jr., Leonardo DiCaprio, and Orlando Bloom. desire Finding ways to reduce the large carbon dioxide emissions associated with being an international superstar.

Environmentally friendly financial services companies audit drake schedules, events and trips to calculate carbon dioxide emissions. Part of Aspiration’s approach includes a reforestation program to plant millions of trees nationwide to offset carbon overload.

For Drake, who had 31 concert dates spanning Los Angeles to Rio de Janeiro and London to Paris in 2019, his private jet (called the “Air Drake”) needs to calculate the impact of carbon dioxide emissions.

“Drake’s carbon dioxide emissions are higher than you and mine,” said Andrei Cherny, CEO of Aspiration. “If aspiration helps [him] We can help everyone if we eliminate his negative impact on the planet. “

He praises Drake for leading “a cultural movement that encourages people to take simple, automated, personalized actions to combat the climate crisis.”

No data was available on the actual calculation of Drake’s carbon footprint, but according to Aspiration, a proprietary algorithm makes it easy to establish carbon neutrality. The company also hires a third-party auditor to validate Drake’s activities as carbon-neutral.

“We have software that receives personal or corporate input in all parts of our activities, including transportation, product production, and the carbon dioxide emissions of consumers consuming those products,” he said. Aspiration co-founder Joe Sanberg said. “Based on the data we get from our clients, including Drake, we can calculate the carbon emissions of all these activities. Then we can calculate the number of trees that need to be planted through the tree planting program and their target. Duration.”

Reforestation programs are one way financial services companies can help offset their customers’ carbon dioxide emissions. (Brian Garrity / Unsplash)

According to nonprofits, over 1,000 trees are needed to offset the average person’s emissions, each absorbing about 31 pounds of carbon dioxide. Save nature..

“It’s exciting to partner with a company that has found an easy way to provide everyone with the ability to reduce carbon dioxide emissions,” Drake said in a statement. “Aspiration’s innovative approach to combating climate change is truly inspiring and we hope to help create motivation and awareness together.”

Sustainability is built in

Economic policy expert and former President Bill Clinton’s speechwriter Charney and progressive entrepreneur and investor Samberg co-founded Aspiration in 2013 and launched in 2015. ..With support from investors, including Downey Junior, DiCaprio And bloom..

Although the company offers everyday banking products, Sanberg describes Aspiration as a “sustainability service provider” rather than a traditional bank.

“We offer bank accounts, investment products, financial products such as credit cards,” he said. “All of these products are specially made with the automated sustainability features that come with them. Therefore, these everyday financial products are more than just used for payroll or grocery purchases. Can be changed to. “

Last year, the company’s individual and corporate customers funded more than 15 million tree plants in the United States and plans to plant more than 5 billion trees over the next 20 years, Samberg said.

Aspiration’s efforts include the “Plant Your Change” program. This program allows customers to round up transactions to the nearest dollar to plant trees through the company’s reforestation program. The Aspiration Redwood Fund is a sustainable investment trust that invests only in environmentally friendly companies. The Planetary Conservation Program aggregates driver carbon emissions and purchases carbon offsets to combat climate impacts.

The company also offers a mobile application (Aspiration Impact Measurement (AIM)) that measures corporate sustainability using over 75,000 data points.

“that is FitBit For your sustainability, it shows how the place where you use your Aspiration card treats their workers and the environment, “said Sanberg.

AIM’s “people” score reflects corporate metrics such as employee wages, access to health care, and employee diversity. The “Planet” score measures greenhouse gas emissions, energy efficiency, and renewable energy usage.

“The ruthless truth is that most people deposit money with big financial institutions. They use that money to finance oil, gas, coal, firearms and private prison companies. “We do,” said Mr. Samberg. “They want to switch when they realize that their money is being used to violate their values, and at Aspiration, their money is spent on such activities. I know that it will never be rented out.

“When you deposit money in Aspiration, we deposit in one of the commercial banks in our commercial banking network and lend to individuals who buy a home or start a small business.”

Future product offerings will include carbon-neutral insurance and “green” mortgages, according to Samberg.

Sustainability on the rise in banking

Aspiration leaders believe that the market for sustainability services will grow dramatically over time.

“There is no foreseeable future year when fewer people will want to take personal action to combat the climate crisis,” Cherny said. “What we offer is sustainability itself, and our desire is unique because it enables people and businesses to easily and automatically integrate sustainable behavior into their daily lives.”

“Companies are moving from not paying for sustainability services to paying for them in a short period of time,” says Sanberg. “I think it’s like adopting a website 25 years ago. In a short period of time, all companies started to have a website instead of having one.”

Zilvinas Bareisis, Head of Retail Banking Celent, A Boston-based advisory firm states in a research treatise that the banking industry is taking important steps to reverse the effects of climate change.

“As Paris Agreement Banks are becoming more and more aware of the risks that climate change poses to their businesses, with the goal of limiting global warming that came into effect in 2016, “said Baresis. “Risk management remains important, but banks are now shifting their focus to proactive efforts and what they can do to make a positive impact on change.”

Bareisis’s treatise also focuses on a set of guidelines developed in the industry for the future.

The· Principles for Responsible Investment The (PRB), announced at the United Nations General Assembly in September 2019, “provides a framework for a sustainable banking system and helps the industry demonstrate how to make a positive contribution to society.”

The Principles for Responsible Investment, announced by the United Nations General Assembly in 2019, aims to provide a framework for a sustainable banking system. (Source: United Nations Environment Program Finance Initiative)

PRB’s 235 signatories have total assets of over $ 60 trillion and come from 69 countries.Usually lending to green initiatives, lending to energy-efficient real estate, so-called Green bond Like aspirations, it is tied to sustainability goals.

As a financial company, not a certified bank, Aspiration is not a PRB signatory. However, its leaders consider the company to be in a unique position to address climate change challenges through traditional banking products.

“One of our opportunities is to create a whole new category. There really aren’t any competitors,” says Sanberg. “We are a unique provider of branded, technology-driven sustainability services. There is only one Aspiration brand, which not only puts us in an interesting and privileged position, but also ours. It’s also a brand that has a lot of responsibility on its shoulders. “

(Edited by Judith Isakov and Matthew B. Hall)

Drake, Other Celebrities Back Financial Firm’s Efforts To Offset Their Carbon Footprints – Westside Story Newspaper – Online Source link Drake, Other Celebrities Back Financial Firm’s Efforts To Offset Their Carbon Footprints – Westside Story Newspaper – Online

Original posted at californianewstimes.com

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