Financial News
PayPal Purchases Carbon Credits From Enrichmond Foundation to Support Urban Forest Preservation in Richmond, VA
Credits will Fund Restoration of Richmond’s Historically Black Burial Grounds at East End and Evergreen Cemeteries
SOURCE: PayPal
DESCRIPTION:
RICHMOND, Va., June 7, 2021 /3BL Media/ – The Enrichmond Foundation, a Richmond-based nonprofit committed to serving people, parks and public spaces, today announced that PayPal has invested in verified carbon credits with the organization to fund its efforts towards environmental restoration of the historic Evergreen and East End cemeteries.
“We are honored to have PayPal as a partner in the reclamation of Black culture at East End Cemetery and Evergreen Cemetery, an UNESCO designated site,” said John Sydnor, executive director, Enrichmond Foundation. “Utilizing environmental equity and preservation tools are a key component of Enrichmond’s reclamation efforts. We are thankful to everyone at PayPal for supporting the reclamation, preservation and celebration of these sacred grounds.”
The investment in this project is part of PayPal’s approach to climate justice and resilience that includes funding climate impact projects that maximize outcomes for financially underserved communities in the U.S. and around the world. Additionally, it is an extension of the company’s ongoing commitment to racial equity and justice. Last year, PayPal pledged $535 million to support Black and underrepresented businesses and communities.
“Our funding towards climate justice projects will help reduce greenhouse gas emissions in local communities that are disproportionately impacted by climate-related events," said Franz Paasche, chief corporate affairs officer, PayPal. “Creating climate transition opportunities in underserved communities is also a critical component of our continued work towards racial equity and justice, and we couldn't be prouder to work with the Enrichmond Foundation to restore and protect these landmark sites.”
The Historic Evergreen and East End Cemeteries were founded in Richmond, Virginia by leaders of the local Black community in the 1890s. With the permanent stewardship now under the Enrichmond Foundation, the reclamation work includes conservation easements to protect them as public lands in perpetuity while protecting the natural environment and providing a space for community life.
The carbon credits will go towards the preservation of trees and tree canopies at the cemeteries, as well as the restoration of these significant cemeteries that are the resting place for thousands of individuals who faced segregation, discrimination and racial violence while making valued contributions to the City of Richmond and the country.
Notably, Maggie Lena Walker, who made history as the first Black woman to charter and run a U.S. bank, is buried at Evergreen Cemetery. Earlier this year, PayPal established the Maggie Lena Walker Award in honor of the late civil rights activist and businesswoman to recognize the achievements of underrepresented women who have demonstrated a deep commitment to economically empowering those in their community.
City Forest Credits, a national nonprofit carbon registry, issued the third-party verified carbon credits representing carbon stored in the now-preserved forests of the Evergreen and East End cemeteries. City Forest Credits manages urban forest carbon protocols and impact standards for metropolitan areas in the U.S. and provides a pathway for companies to purchase carbon offsets from city forests. These credits provide direct benefits to the equity, health, and wellbeing of local communities.
Carbon credits is just one of the environmental protection tools the Enrichmond Foundation utilizes to protect public land and to fund conservation projects. South Pole, a leading climate solutions provider and project developer, assisted with the transaction.
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About Enrichmond Foundation
The Enrichmond Foundation is an umbrella 501(c)(3) non-profit that serves over 130 parks and recreation partner groups in Virginia’s Capital Region. Enrichmond’s mission is to serve the people, parks and public spaces of Richmond. For more information, visit enrichmond.org.
Media Contacts:
John Sydnor
Enrichmond Foundation
Phone: (804) 592-1496
Email: jsydnor@enrichmond.org
KEYWORDS: NASDAQ:PYPL, PayPal
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