Creating locally-based social and environmental funds to boost Culatra’s capacity to participate in the ‘Energy Transition Agenda’ and in the sustainability process.
Creating Social and Environmental Responsibility Funds
What is the project?
Creating locally-based social and environmental funds to boost Culatra’s capacity to participate in the ‘Energy Transition Agenda’ and in the sustainability process.
Project: Creating social and environmental responsibility funds
Place: Culatra, Portugal
Thematic: Financing
Partners:
Culatra2030 team, including Associação de Moradores da Ilha da Culatra (AMIC), University of Algarve, Make it Better association, Comissão de Coordenação e Desenvolvimento Regional do Algarve (CCDR).
What ARE the objectiveS?
Setting up locally-based funds that can be socially responsible mechanisms for responding to the problems of the community facing complex environmental or social challenges such as:
- Difficulty in finding funding support for relevant community actions.
- Access to higher education or VET education for young people with less resources.
- Reinforcement of the public infrastructures in the community.
- Need for improving housing energy efficiency.
- Lack of support for community innovation ideas (social, cultural, environmental).
How?
Community-based financial ‘services’ focused on supporting local economies, energy transition and environmental safeguarding. A determined percentage of the sale of some services and products on the island are given to the Fund.
Fund revenues:
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- Sales of services or products to be developed or administered by the fund (fund financial services, events, anchorage, solidarity stores, merchandising, and others).
- Voluntary contributions applied to the use, consumption and/or depreciation of resources and materials produced on the island.
- The income from own property, administered by the fund, granted or transferred for exploitation.
- Donations from individual persons and public/private entities.
- Financial contributions from external entities (public/private).
- Results of strategic partnerships with public funding entities.
Fund applications:
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- Solidarity loan, in accordance with the Solidarity Loan Program Regulations.
- The participation or co-financing of community infrastructure for public use.
- The participation or co-financing of relevant thematic events.
- Awards to initiatives promoting social, cultural and environmental values.
- Support for interventions to improve the energy efficiency of housing and others.
- The participation or co-financing of training and capacity building actions.
- The issuance, distribution and management of a local ‘currency’ or ‘social value’, for restricted use in closed circuit (circular economy in the island).
LINKS OF INTEREST
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