Algebris has announced a series of new measures to help fighting the climate crisis as part of the firm's ESG plans and commitments.
The asset manager, founded by CEO Davide Serra in 2006, has put into action a carbon off-setting project, aimed at achieving carbon neutrality across the group by planting 25,000 trees and committing to 20 trees per employee annually.
The Algebris carbon off-setting project is being carried out in Tanzania, in collaboration with Hakuna Matata, a registered UK charity founded by Serra and his wife. Hakuna Matata focuses on helping Tanzanian orphaned children through education and healthcare programmes which they both care deeply about.
"By working with Hakuna Matata to implement its off-setting project, Algebris will help further enhance local economic and social value in the region," said the company in a statement.
The firm has also announced it is incorporating an exclusionary and inclusionary ESG approach into its investment process through the development of an ESG research framework and engagement with the companies present in the Algebris investment portfolios.
Davide Serra, founder and CEO at Algebris, said: "How we address climate change will define our generation. The lives of hundreds of millions will be affected in the near future. It's up to each of us individually and as businesses to have a clear action plan.
"Our actions and decision will be clear, transparent, and bold. Climate change is like our conscience. Almost everything we do on this planet has an impact on climate change."
Click here for full details on the methodology used to calculate Algebris' carbon footprint and on the off-setting project.