CERTIFICATIONS AND REGULATIONS
The Panasolar I photovoltaic plant meets the highest international standards in socio-environmental issues
Gold Standard Foundation.
PANASOLAR I is Certified by Gold Standard.
The Gold Standard, or Gold Standard for Global Goals (https://www.goldstandard.org/), is the highest global certification standard for non-governmental emission reduction projects in the Clean Development Mechanism (CDM), the Voluntary Carbon Market and other climate and development interventions. It is managed and managed by the Swiss Gold Standard Foundation, a non-profit foundation based in Geneva, Switzerland. It was designed to ensure that carbon credits are real and verifiable and that projects make measurable contributions to sustainable development. Its objective is to add a verifiable and universally accepted quality label to carbon credits generated by projects that can then be purchased and marketed by countries that have a binding legal commitment in accordance with the Kyoto Protocol, companies or other organizations for carbon offset purposes.
The Gold Standard certification process goes through many phases and takes into account environmental aspects, contributions to the social development of local communities and mitigation of the social and environmental impacts of the project.
ERM – Certification and Verification Service
The socio-environmental performance of Panasolar I was certified by the internration certifist ERM-CVS ( http://www.ermcvs.com/). ERM ranks first in Bureau Veritas' ranking in verification and certification in the environmental, health and safety consulting sector.
This certification, required by the Gold Standard was a very large effort for the company and its shareholders, with them we have worked hand in hand, proving to be consistent with the environmental and social philosophy that we want to maintain over the next few years.
IFC - INTERNATIONAL FINANANCE CORPORATION (WORLD BANK)
The IFC is one of the five institutional organizations that make up the World Bank. The IFC has developed the guidelines of the Performance Standards on Environmental and Social Sustainability (https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Sustainability-At-IFC/Policies-Standards/Performance-Standards )
that are aimed at financial institutions and their clients, providing guidance on how to identify risks and impacts, and are designed to help prevent, mitigate and manage them as a way to do business in a sustainable manner, including participation of the social parties involved and disclosure obligations in relation to project-level activities. Together, the eight Performance Standards set the guidelines that the client must meet during the life of an IFC investment.
One of the institutions that finances us is regulated by the World Bank and for this reason the whole process of development, construction and operation meets the eight standards.
Panasolar has implemented social and environmental policies, hiring social specialists and environmental impact mitigation supervisors, necessary to comply with the ten Ecuador Principles ( https://equator-principles.com/) requested by the financial institutions that support us:
PRINCIPLE 1 – Review and categorization
PRINCIPLE 2 – Environmental and social assessment
PRINCIPLE 3 – Applicable environmental and social standards
PRINCIPLE 4 – Environmental and social management system and Action Plan
PRINCIPLE 5 – Participation of interest groups
PRINCIPLE 6 – Complaint mechanisms
PRINCIPLE 7 – Independent review
PRINCIPLE 8 – Contractual Commitments
PRINCIPLE 9 – Independent monitoring and reporting
PRINCIPLE 10 – Reporting and transparency
These ten principles are appropriate to establish satisfactory relationships with clients as well as financial institutions, thus achieving the objectives of all stakeholders. They help preserve social and environmental standards and promote transparency in business models The Ecuador Principles are a risk management framework, adopted by financial institutions, to determine, assess and manage environmental risk social and social finance projects. Its primary objective is to provide a minimum standard of due diligence to support responsible risk decision making. The Ecuador Principles, formally launched in Washington DC on June 4, 2003, were based on the framework of existing environmental and social policies established by the International Finance Corporation.
PACIFIC CORPORATE SUSTAINABILITY (PCS)
In order to provide our new investors with a certification of our social and environmental performance that jointly assesses the compatibility of a responsibility to the environment and the local communities with the profitability and economic and financial sustainability of the business of producing clean energy, we have contracted PCS ( http://www.pcslatam.com/) to grant us the green certification that our new investors guarantee on the sustainability of their future investment. This certification is still in process, but it will provide a synthesis of everything we have done, of all the efforts, logos and certifications that we have achieved.
PCS is part of The Pacific Credit Rating (PCR) Group ( https://www.ratingspcr.com/ ) that awards the evaluation of PANASOLAR I's performance, profitability and long-term financial strength, so that our new investors feel supported by an independent rating.