Illimity Partners with Ogyre to Protect the Sea

Illimity Bank S.p.A. has signed a partnership with Ogyre, the digital platform that, through its “fishing for litter” activities at sea, aims to contribute to the protection of marine biodiversity and at the same time foster the empowerment of local communities active in the fisheries sector.

Illimity will thus be able to make a concrete contribution to achieving these results by supporting the collection of 1,000 kg of marine litter in six months, in line with Goal 14 of the UN 2030 Agenda for Sustainable Development (“Conserve and sustainably use the oceans, seas and marine resources”).

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How Ogyre operates

To carry out this activity, Ogyre uses a virtuous circular model involving a fleet of fishermen operating in Italy (in the ports of Cesenatico, Santa Margherita Ligure, Marina di Ravenna, Teulada, Salerno, and Cagliari), Brazil, and Indonesia-who also collect waste during their normal fishing activities and record it in a special digital archive.

Each kilogram of waste collected is subsequently associated with a digital token, which allows partners to track information about the recycling or disposal of the waste delivered to the local organizations in charge. Illimity will then be able to digitally monitor the progress of the project at any time and measure the results achieved through the platform developed by Ogyre.

Illimity’s commitment: safeguarding marine resources and social impact

Since its inception, illimity has been committed to sustainability across the board, integrating environmental, social, and governance (ESG) issues into its business strategies, processes, policies, and Illimity Group Governance. It is a commitment that, where it cannot be acted upon directly by the Bank, takes the form of collaborations with selected partners that enable it to promote and support virtuous sustainable models.

Illimity has decided to partner with Ogyre in the knowledge that safeguarding marine resources also contributes to reducing the effects of climate change: in fact, the sea produces more than 50 percent of the oxygen we breathe and absorbs about 25 percent of the CO2 emitted each year by human activities (Source: 2022 United Nations Ocean Conference). The initiative promoted by Ogyre is also an activity with a social impact on coastal communities, which obtain, in addition to the improvement of their fishing and tourism activities, new sources of income from the collection of waste itself and the opportunity to be able to make new products from recycled materials.

These activities are fully consistent with the 2023-2025 Sustainability Plan, through which the Bank has committed to new qualitative and quantitative ESG goals. In particular, environmental goals focus on countering the effects of climate change and fostering the transition to climate neutrality and a net-zero economy.

The measurement of environmental impacts has been initiated by Illimity since its inception, and the Bank, through activities to improve efficiency and reduce its greenhouse gas emissions, along with the purchase of carbon credits, has achieved Carbon Neutrality as early as 2021. Illimity has also undertaken mitigation activities to improve efficiency and reduce consumption, and its environmental impact is, to date, among the lowest in the banking sector (0.5 tCO2e/FTE), thanks in part to the use of renewable energy that has increased from 8 percent to 44 percent in just two years.

Fabio Pelati, Head of IR & Sustainability at Illimity, said, “We are happy to announce on the occasion of World Mediterranean Day the partnership signed with an innovative reality such as Ogyre that allows us to contribute to the preservation of marine resources, through also a virtuous, transparent and measurable circular economy model. illimity’s new Sustainability Plan 2023 -2025 also sets important new goals in the environmental sphere, and we will continue to engage both through corporate initiatives and through selected partnerships such as the one announced today to foster sustainable economic growth, in which banks play, and will play, a key role in supporting and accompanying the financed companies in their transition process to a low-carbon economy.”

“We want to build a platform that makes fishing for litter an affordable practice for everyone, and when we find realities that share our values, as happened with Illimity, we are very happy because it is mainly thanks to these collaborative activities with virtuous companies that we can get closer to reaching the goal of collecting 1.5 million kilos of marine litter by 2025,” emphasized Antonio Augeri and Andrea Faldella, founders of Ogyre.

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(Featured image by sergeitokmakov via Pixabay)

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First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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