RenewWest Raises $3.2M to Repair Degraded Ecosystems and Mitigate Climate Change
Led by Aspiration and One Small Planet, Funding Will Help Trusted Environmental Asset Developer Create Long-Term Value for Frontline Communities and Investors
DENVER, March 7, 2023 /PRNewswire/ -- RenewWest, an environmental asset developer, today announced its $3.2 million seed financing round, which was led by Aspiration and One Small Planet. Other participating investors include Clear Sky Advisors, a subsidiary of Concord Ltd. RenewWest will use the funding to expand its technical team, grow the project pipeline, and invest directly with land stewards around the world.
RenewWest is removing carbon at scale by delivering some of the highest quality nature-based projects in the market. Every RenewWest project has two objectives: optimize carbon storage capacity by accelerating the restoration lifecycle and collaborate with local land stewards to equitably distribute economic benefits. Nature-based climate solutions have the ability to provide around 30% of the global emissions reduction needed to achieve the 1.5 degree target under the Paris Agreement, according to a report by the World Economic Forum and McKinsey, all while supporting frontline communities and improving biodiversity.
"We are advancing scientifically rigorous methodologies in order to deliver high-integrity, long-lasting conservation and restoration outcomes, while ensuring frontline communities have tangible economic benefits like revenue sharing, jobs, education, and economies," said John Cleland, CEO, RenewWest. "This funding will allow us to expand globally, helping communities that are disproportionately impacted by climate change."
"In my country, local communities are benefiting from conserved wetlands, which ultimately provide better livelihoods through protection of their houses, protection and recovery of fishing, ecotourism income, and a growing cultural appreciation for their natural assets," said Dr. Jorge Alfredo Herrera Silveira, a Yucatán-based marine biologist and global pioneer in research on mangroves and coastal ecosystems. "Projects like the ones RenewWest is developing in Yucatán, Mexico have a direct economic benefit for local communities."
Since 2018, RenewWest has spearheaded the Collins-Modoc Reforestation Project, the largest carbon reforestation project in US history, and has expanded their work to restore and conserve ecosystems in the United States, Peru, Mexico, Jamaica, and Papua New Guinea.
"The nature-based solutions market is rapidly expanding, signaling a growing recognition that healthy ecosystems are the world's most powerful carbon sink. The pressure is on for businesses to demonstrate measurable impact," said Olivia Albrecht, CEO, Aspiration. "Investing in environmental repair is an effective way to do this. We're partnering with RenewWest because they're one of the few developers whose track record proves that they can deliver complex projects with high integrity and high-quality credits at scale."
"As we work to accelerate the harmony of environmental and economic wealth, we are incredibly excited about the high-energy team at RenewWest, their forestry expertise, and high-quality reforestation efforts," says Jack Wielebinksi, who runs the venture capital arm of One Small Planet, a company working to bridge the natural and financial worlds.
To learn more about RenewWest's approach to environmental repair, visit RenewWest.com.
About RenewWest
RenewWest is an environmental asset developer demonstrating that scientifically rigorous strategies can create economic value while mitigating climate change. The company operates projects in the United States, Central and South America, and Oceania and works across multiple ecosystems like temperate forests, rainforests, wetlands and mangroves, peatlands, and degraded rangelands. Since 2018, the company has worked on developing nature-based projects that will deliver high-quality, independently verified carbon credits while increasing biodiversity, returning value to investors, and improving economic outcomes for frontline communities. RenewWest integrates science, technology, and operational expertise to accelerate the project lifecycle and generate more predictable, higher-quality credits. The team has been at the forefront of forestry and carbon markets since its founding and led the largest carbon reforestation project in United States history. RenewWest is headquartered in Colorado and backed by Aspiration and One Small Planet. For more information, visit RenewWest.com.
About One Small Planet
One Small Planet is an organization focused on the evolution of the global economy by integrating natural intelligence with modern technologies and systems in support of harmonious environmental and economic wealth. The company manages an investment fund deploying capital for ecological, social, and economic wealth creation; supports and operates regenerative land projects; provides philanthropy for indigenous-led and other frontline organizations; and convenes a community of thought leaders and innovators around the world. For more information, visit OneSmallPlanet.org.
About Aspiration
Aspiration is a high-impact climate finance company working at scale to help enterprises, consumers, and investors achieve their climate goals. Founded in 2013, the company sources, monitors and invests in carbon removal projects across the globe to generate high-quality carbon credits. Every project in Aspiration's portfolio is held to the most rigorous standards, ensuring each drives tangible, positive impacts for people and the planet. Aspiration is a Certified B Corp, a member of Project Drawdown, 1t.org, Climate Pledge, and many other critical industry groups dedicated to accelerating climate action. For more information, visit Aspiration.com or Aspiration.com/business.
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SOURCE RenewWest
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