Aviva has forged a $6.2 million partnership with Edmonton-based Wild + Pine to embark on a transformative afforestation project aimed at restoring degraded and marginal land in Alberta.
The move marks Aviva’s first partnership in Canada, forming part of its broader £100 million ($170 million) initiative focused on nature-based projects.
By partnering with Wild + Pine, Aviva will contribute to the StoneWoods Forest Carbon project and provide funding to cover 520 hectares of land in Alberta.
The initiative itself is projected to sequester around 275,000 tonnes of carbon over 60 years while concurrently fostering regional biodiversity.
In a news release, the UK-headquartered insurer said it assessed proposals from various Canadian charities and organizations before selecting Wild + Pine as the initial recipient of funding.
Wild + Pine was formed by a group of environmental professionals and scientists in 2011. It develops verified carbon removal assets through afforestation to help companies achieve their climate objectives while revitalizing ecosystems.
“Nature is the best climate change solution we have, and Canada has the opportunity to harness the power of nature to help us fight climate change and biodiversity loss,” said Fletcher. “While we know that removing carbon from the atmosphere, particularly by using nature, takes many years, we understand the value of nature-based climate solutions like those offered by Wild + Pine.”
Chris Kallal, CEO of Wild + Pine, likewise commended Aviva’s leadership in climate action and biodiversity preservation.
“We are delighted to partner with them on our StoneWoods Forest Carbon Project to demonstrate the power of Canada's forests at a global scale,” said Kallal.
“Aviva has recognized that funding the restoration and protection of nature isn't just a sound business decision as it looks toward its own net-zero goals; it is a recognition of the true value of nature itself. Together, we're steadfast in our mission to build the old-growth forests of our future while taking a leadership role in the development of sound, credible, and transparent carbon removals.”
Beyond this collaboration, Aviva has been contributing to other environmental initiatives, including a €5 million ($7.3 million) donation to Ireland’s Nature Trust, £10 million to the UK’s Woodland Trust, £21 million to the Wildfowl & Wetlands Trust, and £38 million to restore Britain’s temperate rainforests.
“It's about more than reducing carbon—these projects also address the concurrent nature and biodiversity crises while creating climate resilience for local communities,” said Fletcher. “At Aviva, we'll continue to explore more such partnership opportunities to help support the removal of carbon in our environment.”
What are your thoughts on this story? Feel free to comment below.