Finance Reports

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You are reading the Ecologi finance update for April to June 2022. 
As part of our drive to be transparent about our finances and operations, we publish finance updates once per quarter, to try and lift the lid on what we do here at Ecologi.

Between April and June 2022, our subscribers funded 5,835,570 trees and 393,500.45 tonnes of verified carbon reductions. 
You can see our full impact in the public impact ledger <a href="https://lookerstudio.google.com/reporting/adfb141d-4153-4c22-b6b4-976f7f3930b2" target="_blank" rel="noopener">here</a>, and find out more detail about the projects we have funded <a href="https://ecologi.com/projects">here</a>.
The latest graphs of our trees and carbon funding received against our tree and carbon purchases are below:

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Screenshot 2022-08-04 at 11.37.17

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Screenshot 2022-08-04 at 11.38.00

Individual subscriptions represented a gross income of £430,952.75 this quarter, and Climate Positive Workforce subscriptions represented a gross income of £669,805.37. Our total income from all subscribers, marketplace and other revenue was £1,867,197.02.
The area graph of our monthly income by revenue stream for this quarter is below. This illustrates how our income streams have grown over the time period.

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Screenshot 2022-08-04 at 11.58.02

Our commitment to funding climate solutions for our individual subscribers and marketplace sales is 85%, and for our Climate Positive Workforce customers is 77.5%.
Across this quarter, the necessary commitment to funding climate solutions, based on the weighted average commitment required across all subscriber income this month, was 83.31%. This is calculated by multiplying the commitment required for each income stream by the amount of revenue generated by that income stream across the time period, adding those figures together, and then dividing this by the total income.
Our total cost of sales (which includes our <a href="https://ecologi.com/">tree planting</a>, carbon purchases and transaction costs) was £2,463,039.42
This means that in this quarter, whilst we had committed to spend 83.31% of our income on climate solutions, we actually spent 79.98% of our income on climate solutions.

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Screenshot 2022-08-03 at 15.46.07

The waterfall chart below shows the different things we spent money on during this quarter, and this quarter’s resulting surplus or deficit.
You can also see a visualisation of the amount we spent on climate solutions in this quarter against our total income, to verify the above workings out.

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Screenshot 2023-02-08 at 15.26.14

You can find out more about our finances and operations in our quarterly financial reports located in our <a href="https://lookerstudio.google.com/reporting/adfb141d-4153-4c22-b6b4-976f7f3930b2" target="_blank" rel="noopener">Public Impact Ledger</a>.

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What's happening at COP29

This year’s Conference of the Parties is underway in Baku, Azerbaijan and will run until the 22nd of November. Our team at Ecologi are monitoring the daily events to give you real-time analysis and reactions to the developments and agreements taking place. 
What is COP29? Click <a href="https://ecologi.com/articles/uncategorised/what-to-expect-at-cop29" target="_blank" rel="noopener">here</a> for a comprehensive guide to all things COP29. 
What happened at COP28? Click <a href="https://ecologi.com/articles/blog/whats-happening-at-cop28" target="_blank" rel="noopener">here</a> to read a full report of the event in 2023.

<h2>Overall sentiment &#8211; COP29 wrap-up</h2>
The overall sentiment at COP29 reflects a little bit of progress and an awful lot of frustration. As is often the case at the climate COPs, any progress that does get made is often overshadowed by the missed opportunities – and this one is no exception on that front.
The largest positive from this COP is in the agreements made on operationalising carbon market standards under Article 6 of the Paris Agreement. This consensus signals hope for greater transparency, higher standards, and clear opportunities for businesses to engage in global climate action projects, in a new carbon market managed under the UN framework. These draft documents on Article 6 were published on the first day of the COP and have stayed relatively static since then – indicating that agreement was achieved early. They did come under criticism though, with the Presidency offering up documents to be accepted as-is, with no opportunity for countries to scrutinise the wording.
The COP as a whole, and its broader negotiations on a range of other topics, have been marred by tensions, frustrations, and geopolitics. Proceedings were thrown somewhat, by world leaders disappearing from the world leaders’ summit at the conference and reconvening in Brazil (next year’s COP host country) for the G20 – leading to <a href="https://www.gov.br/planalto/pt-br/media/18-11-2024-declaracao-de-lideres-g20.pdf" target="_blank" rel="noopener">a multilateral G20 declaration</a> which seemed to both celebrate and chastise the country negotiators back in Baku. 
Geopolitics making things difficult – COP29 has taken place against a backdrop of heightened geopolitical tensions between a wide range of countries, which have diverted attention and resources away from climate action and have complicated negotiations. Add to that the problems coming from the COP itself – from country boycotts, to backhanded oil and gas deals, to threats to drop out of the Paris Agreement by Argentina (a threat which was later clarified as rescinded) and by the USA (which is likely to be upheld under the incoming administration) – and it’s easy to wonder how nearly 200 countries can be convinced to agree on anything at all. Let alone an issue with the gravity, urgency, and complexity of climate change.
Poor management by the Presidency – if you’ve followed our daily coverage you’ll have spotted over the past two weeks how this COP has felt quite chaotic and frenetic. It hasn’t really felt throughout proceedings that the Presidency is in control of things – and this applies on the diplomatic level but also in a practical sense, with uncomfortable stories coming out of the conference centre about poorly-managed bathroom facilities and catering. On the draft decisions, the Presidency’s strategy has been cavalier and uncharitable, with something of a ‘take-it-or-leave-it’ attitude to negotiations which isn’t helpful or conducive to compromise. On the last day of the COP, the Climate Action Network awarded the Azerbaijani Presidency their Fossil of the Day award because it “doesn’t understand the gravity of the Presidency, or for that matter the value of civil society”. This is a damning assessment, but one which is hard to disagree with.
Somehow, fossil fuels are still the elephant in the room – we heard from UNEP before COP29 started that <a href="https://www.unep.org/resources/emissions-gap-report-2024" target="_blank" rel="noopener">global emissions are still rising</a>, driven by continued fossil fuel use – and yet COP29 has failed to advance any fossil fuel reduction commitments. In Dubai last year, we saw the agreed cover text mention the “phase-down of unabated coal power”, the “transitioning away from fossil fuels in energy systems” and the “phasing out inefficient fossil fuel subsidies” (which was pretty weak in itself). This year, the fossil fuel lobby was typically massive – with over 1,700 fossil fuel lobbyists in attendance. Despite the overwhelming scientific evidence showing that fossil fuels must stay in the ground, the dominance of fossil fuel interests has continued to undermine progress, with the Arab Group in particular this year refusing to back any texts that reference the phasing out of fossil fuels. The COP29 texts on the UAE dialogue and the Mitigation Work Programme (which ought to have been used to further the outcomes of last year’s Global Stocktake) were meant to enhance climate mitigation. The final version of the MWP fails to mention the transition away from fossil fuels, the 1.5ºC warming goal or the Global Stocktake and its outcomes, and the UAE dialogue on how to proceed on the Global Stocktake wasn’t adopted at all. Interestingly, the earliest drafts did mention the 1.5ºC warming goal and the seriousness of 2023 being the warmest year on record. As the drafts progressed this messaging was removed, despite many calling for the final text to be more ambitious and specific. A deal on the MWP was adopted during the closing plenary session without any intervention. 
Article 6 and UK government provide a few reasons to be positive for businesses 
Whilst the overall sentiment at this year’s COP29 has been disappointment, particularly regarding the pace of global climate action and the lack of firm commitments from key global players, there are still some glimmers of hope for businesses. Among the more promising developments is the aforementioned progress on Article 6 of the Paris Agreement and the UK government’s climate commitments. The outcomes on Article 6 pose a step forward for businesses. By advancing frameworks for international carbon markets, COP29 has created a clearer pathway for companies to engage in high-quality carbon offsetting and trading, fostering transparency and credibility in the process. This opens up new opportunities for organisations globally to progress towards net-zero targets whilst supporting climate action projects and global emission reductions. 
The UK government’s renewed focus on climate policy has created incentives such as increased funding for green technology, support for nature based projects and streamlined regulation for sustainable investment, catalysing innovation and market growth. The developments at COP29 have reinforced the role of businesses as a key actor in the fight against climate change when world leaders fall short on agreeing ambitious climate goals. Through embracing innovation, adopting bold emission reduction targets and funding climate action, companies can fill the leadership gap and accelerate progress where governments falter.

COP29 - Daily updates 

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The two-week conference, scheduled for November 11th-22nd will bring together representatives from all countries that have agreed to be bound by the UNFCCC. The conference takes place annually to negotiate new measures, develop policy and review progress against the goal of limiting climate change.
Azerbaijan, the host nation, has received its fair share of criticism for becoming this year’s COP president. Oil and Gas make up 92.5% of the country’s GDP per capita, and President Ilham Aliyev has stated his support for oil and gas producing nations to continue investing in the sector, clashing with last year’s COP28 outcome in which all nations called for accelerating the transition away from fossil fuels.

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<h2>The key talking points and priorities in the run up to COP29</h2>
This year, priorities are focused on climate finance, with COP29 being coined the Finance COP, this is reiterated by the programme of scheduling with Finance, Investment and Trade taking priority spot on the first day of discussions.
Energy and Science are also high on the agenda, while Nature and Biodiversity and Oceans and Coastal Zones take more of a back seat, only being scheduled for the final day before negotiations; naturally, this comes as a disappointment as this signals these areas of discussion are considered lower priority when compared with energy and finance.
It is likely momentum and attendance will decrease by the end of week two and could undermine the urgency needed to address the implications of climate change on nature globally and reduce their integration into wider climate strategies.
The following key priorities are expected to lead discussions at COP29;
<h3>New Collective Quantified Goal (NCQG)</h3>
Developing countries, particularly those most vulnerable to climate change, require substantial financial support to transition to green economies and adapt to climate impacts. COP29 aims to agree on a new commitment to provide annual climate finance to developing countries, replacing a goal of $100 billion per annum set in 2009 at COP15. The World Economic Forum states that ‘the NCQG must be ambitious yet realistic, balancing the financial capacities of developed countries with the urgent needs of developing nations’.
<h3>Growing the loss and damage fund</h3>
Established and operationalised at COP27 in Sharm El-Sheikh, the loss and damage fund acknowledges the disproportionate burden that climate change places on vulnerable nations. It is a financial mechanism that helps countries cope with the loss and damages they face due to climate change – this includes loss of life, damage to infrastructure and displacement.
At COP29, there is hope to see significant progress in the fund’s operationalisation and funding. Countries are expected to make substantial pledges to the fund to ensure it can meet the needs of developing countries. To date, major contributors include the UAE, Germany and the United States. Other big-emitting countries such as China and Saudi Arabia are yet to announce their intention to contribute to the fund.
<h3>Nationally Determined Contributions (NDCs)</h3>
At COP29, nations will be encouraged to commit to more ambitious and robust Nationally Determined Contributions; these are climate action commitments made by countries to reduce their greenhouse gas emissions and contribute to climate change mitigation, aligning with the goal of limiting global warming to 1.5 degrees Celsius.
NDCs are submitted every 5 years to the UNFCCC, and with the next global stocktake approaching NDCs are to be put forward by February 2025, demonstrating increased ambition and concrete action plans. At COP29, there is likely to be a push to provide financial and technical support to developing countries to enable them to outline and implement NDCs of their own.
<h3>Article 6 of the Paris Agreement</h3>
Article 6 of the Paris Agreement aims to promote the use of carbon markets to achieve their climate targets. At COP29 we can expect discussions with regards to how a robust and well-regulated international carbon market can be developed and maintained. A key goal of COP29 is to finalise the rulebook for Article 6, which will provide clear guidelines for its implementation, and address concerns with regards to the quality of carbon credits, double counting and sustainable development.

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<h2>Who is attending COP29</h2>
With just 2 months to go until COP29 kicks off, there has been minimal discussion with regards to which World Leaders we can expect at the event.
From the UK, Ed Miliband, the newly appointed Secretary of State for Energy and Net Zero, is confirmed to be leading UK negotiations for COP29. However, with the USA election taking place just 5 days before COP29 begins, it is unlikely that the President will be in attendance. As the event draws closer, we can expect more countries to confirm which delegates will attend.

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<h2>What to expect during COP29</h2>
An anticipated 40,000 participants are heading to COP29, almost half the number of attendees than at <a href="https://ecologi.com/articles/blog/whats-happening-at-cop28" target="_blank" rel="noopener">COP28</a> in Dubai last year; this poses the question of if bigger is necessarily better, fewer attendees reduce the environmental impact of the conferences, with the UN Climate Chief Simon Stiell <a href="https://www.climatechangenews.com/2024/04/24/peak-cop-un-looks-to-shrink-baku-and-belem-climate-summits/" target="_blank" rel="noopener">saying he hopes to see fewer people attending COPs </a>as size does not necessarily translate to the quality of outcomes.
COP29 still presents a crucial opportunity to make significant strides in climate action, by focusing on climate finance and reaffirming climate goals, countries can collectively work together to provide the funding and tools necessary to shape the trajectory of global climate efforts.

<h2>Partner with us for COP29 and beyond</h2>
Over the next 12 months we want to support as many businesses as possible to tackle climate change.
If your business is interested in a partnership to help scale climate action or starting its climate journey during COP29 or beyond, get in touch.

Speak to our team. We're here to help find your perfect climate solution.

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Before and after: See how your climate action is making a difference

Before and after: This is how your Ecologi impact is transforming landscapes and lives.

We love a before and after shot at Ecologi. They&#8217;re an incredible way to show the impact of the projects supported by our community. Whether it’s deforested land turning back to verdant green, or solar projects springing to life, sometimes two simple images are worth a thousand words.
On this blog you’ll find snapshot images that paint pictures of the difference our supported climate projects are making, all around the world. Thank you to our community for making it all possible! 
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📍 Location: Ouarzazate, Morocco
⌛ Dates: 2015 –2020
🌱 Project: Verified Carbon Standard
🌳 Type: Solar energy

Morocco

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From a bare area of desert to a haven of clean energy. The Ouarzazate II solar project is a major milestone in Morocco&#8217;s journey towards a clean energy future. It is one of the largest concentrated solar power plants in the world and is expected to supply around 500 GWh per year to Morocco’s power grid.
The project uses thousands of concave mirrors to concentrate solar energy and generate electricity, which can be stored for up to 7 hours. This allows the project to continue generating electricity even after the sun sets.
The Ouarzazate II solar project supplies electricity to nearly 2 million Moroccans and will prevent emissions equivalent to 300,544 tCO2e per year over its 10 year crediting period. The project has also created around 7,000 local jobs and incorporated co-projects that promote the creation of cooperatives, educational opportunities, and skills training.
Learn more about this<a href="https://ecologi.com/projects/morocco-solar"> project</a>.

📍 Location: Brodoclea, North Ayrshire, Scotland
⌛ Dates: 2018 –2021
🌱 Project: Future Forest Company
🌳 Type: Temperate reforestation

Scotland

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Nestled in North Ayrshire, Brodoclea is a sprawling 174-hectare haven of broadleaf woodland that plays host to woolly pigs, the incredible ecological restoration engineers! 
Under <a href="https://thefutureforestcompany.com/">The Future Forest Company</a>&#8216;s guidance, these pigs awaken the soil seed bank, nourish soil microbiology, create space for sapling growth, reduce competition, and form pondlets for breeding amphibians and invertebrates. This enriches the ecosystem, offering sustenance for birds and materials for nests. 
Since 2018, the Ecologi community has helped make a significant impact on this site, funding the planting of 56,170 trees, with a focus on native broadleaf species including oak and birch, creating important habitat for local invertebrate and bird species.

📍 Location: Belavenika, Madagascar.
⌛ Dates: 2019 –2022
🌱 Project: Eden Reforestation Projects
🌳 Type: Mangrove reforestation

Madagascar

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Madagascar’s mangroves are amazing habitats that, sadly, have been deforested over the years and become degraded. This project is one of three currently being supported by the Ecologi community that are replanting mangroves in Madagascar to bring benefits to local biodiversity and communities.
Creating new sustainable income streams for local people is a key component of the project, as is female empowerment. The project employs an average of 85 people per month, with female employees making up approximately 37.5% of the workforce in 2022.
As a result of their involvement in this project, local people are now able to purchase more nutritious food, leading to improved health, and can afford to send their children to school.
To date, the Ecologi community has funded 7.9 million trees on this site in north-west Madagascar.
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📍 Location: Marotaola, Madagascar.
⌛ Dates: 2019 –2022
🌱 Project: Eden Reforestation Projects
🌳 Type: Mangrove reforestation

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This was the very first project we supported, so it holds a special place in our hearts. Seeing its progress over the last four years has brought us so much joy! 
Native mangrove species are being planted on this site, including Avicennia marina, Rhizophora mucronata, and Ceriops tagal. To date, the Ecologi community has funded the planting of over 10 million trees here, and there’s room for another million. 
This site is particularly fascinating as the mangroves are only separated from the open ocean by a thin strip of sand about 100m wide. Despite being more exposed to the ocean, mangroves that have successfully become established are growing well, creating an important habitat for coastal biodiversity and protecting the coastline from erosion by the waves.
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📍 Location: Vĩnh Hảo, Tuy Phong District, Bình Thuận, Vietnam
⌛ Dates: 2018 –2023
🌱 Project: Verified Carbon Standard
☀️ Type: Solar

Vietnam

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Vietnam&#8217;s demand for energy has been rising sharply since the 1990s, and it’s a demand that the country has struggled to fulfil, with an overreliance on coal and frequent power outages.
This project, in the Vinh Hao commune, Vietnam, is generating electricity using photovoltaic technology, which transforms sunlight into electricity. The project is on around 60ha of salt farm, and will generate 83,750MWh of power annually.
Local people have been involved throughout the design phase and operation of the project. The construction process of the project was carefully managed to minimise the impact on the local environment. During the operation of the project, pollution will also be minimised through a series of measures, including ensuring no littering takes place, and waste materials will be responsibly disposed of off-site.
Over the 10-year crediting period, the project will prevent 704,110tCO2e from being emitted by replacing energy in the grid that would otherwise have come from fossil fuels.
The project has given a real boost to the living standards of local communities through economic support funds: the commune gratitude fund in the Vinh Hao commune, and the learning promotion fund in the Binh Thuan province.
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📍 Location: Mount Elgon, Uganda. 
⌛ Dates: 2021 – 2023
🌱 Project: Trees for the Future
🌳 Type: Reforestation and sustainable agroforestry

Uganda

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Trees for the Future’s innovative Forest Gardens approach is all about engaging farmers in reforestation and sustainable agroforestry. The farmers take part in a 4-year programme, learning the skills they need to better manage their land. This brings multiple benefits, including protected crops, stabilised soils, and habitats for pollinators, as well as increasing household incomes.
Over the past two years, the Ecologi community has funded the planting of 766,663 trees in Forest Gardens through this project. Three hundred farmers (57% of whom are women) are involved, with 3,522 people benefitting from the project so far. 
Pictured is 56-year-old Philister Khana, a farmer enrolled in the programme. In just two years she’s taken the number of trees on her plot from 4 to 2,001!
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Ready to make a difference for our planet? Get in touch, and let’s chat about how we can help you on your climate journey. 

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Hopescrolling: The good news timeline

It’s not all bad. While there’s a lot of negative news about the climate, let’s not forget the good stuff. Find climate wins, reasons to be hopeful and plenty of positivity in our good news timeline.

Finance Report: April to June 2022

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Before and after: See how your climate action is making a difference

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