Guarantees from the Meta Habitat Bank
Among the guarantees offered by the Meta Habitat Bank are:
Meta Habitat Bank: First in Colombia
and Latin America:
With a private investment of 1.5 million dollars, the first Habitat Bank in Colombia and Latin America was launched in December 2016. The project is in the municipality of San Martín de los Llanos in the department of Meta, in the sub-basin of the Metica river. To ensure effective offset, it is expected that the Meta Habitat Bank will ensure permanent and sustainable conservation results for a term of 30 years. In this way, it will be possible to achieve the restoration of degraded ecosystems and the conservation of the natural forest. Finally, we aim to reduce the costs of environmental offsets of companies, which would be reflected in a highly profitable investment, which guarantees the sustainability of the property. Below is a video that briefly explains the operation of the Meta Habitat Bank:
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1. Payment by result: withholding payments until completion of milestones
2. Fund management is done through an Endowment Fund
3. Sustainability fund to ensure long-term maintenance resources
1. Assurance of the offset area by usufruct
2. Contracts with property owners already established
3. Contracts with companies based on payment by result
4. Registration with the MADS -Environmental authority
In addition to these guarantees, two infographics that summarize the structure, characteristics and impacts offered by the Meta Habitat Bank are presented below.
Meta Habitat Bank is the first of these mechanisms to obtain registration with the Ministry of Environment and Sustainable Development -MADS. This is an essential requirement to be able to comply with the actions derived from obligations such as environmental offsets and forced investment of not less than 1%. The registration took place on November 10, 2017, as evidenced by official letter number DBD-8201-E2-2017-034514 from the Director of Forests of MADS. This procedure was carried out in accordance with the provisions of Resolution 1051 of 2007, which indicates the necessary requirements for the implementation of Habitat Banks in the country.
Media coverage of the launch of the Meta Habitat Bank
This was the media coverage of the first Habitat Bank in Colombia:
- Multilateral Investment Fund - Member of the IDB Group: The Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB), Terrasos SAS, and property owners in the Meta have committed to building the first Habitat Bank in Colombia. This is a solution for the implementation of environmental offsets, which is expected to achieve greater efficiency, visibility and quality of environmental offsets.
- Ecosystem Marketplace: Inter-American Development Bank and Partners Sink $ 1.5M into South America's First Habitat Bank. Species banking is coming to Colombia: The IDB's Multilateral Investment Fund is partnering with the company Terrassa SAS to create the region's first habitat bank. The partners will invest $ 1.5 million and expect the bank to restore degraded ecosystems, conserving natural forests and reducing compensatory mitigation costs. Find out more.
- Communication of Corporate Responsibility and Sustainability - ComunicaRSE: The first Habitat Bank in Latin America has been launched, which has a payment by results scheme for environmental offset of licenses. The scheme is materialized with a total investment by the MIF, the company Terrasos and the owners of properties of 1.5 million dollars. It is expected to restore degraded ecosystems, conserve natural forests and increase the productivity of the properties, as well as reduce costs for companies with compensation requirements. See more here.
First Habitat Bank registered with the Ministry of Environment
1 Environmental management plan.
2. Monitoring plan, including indicators of impact on biodiversity.
3. External audit
Photo Gallery of the Meta Habitat Bank