IG Group announces collaboration with Glac-Up
Electronic trading major IG Group has announced a collaboration with Glac-UP, an Italian Benefit Corporation dedicated to increasing awareness about, and reducing the impacts of, climate change on local environments. Among its initiatives in development, Glac-UP fosters Alpine glaciers preservation projects in partnership with key stakeholders including individuals, corporations, scientists, local communities, and local authorities.
Jon Noble, Global Chief Operating Officer, IG Group, comments:
“We are focused on honing our ESG strategy to have a notable positive impact on the communities in which we operate. This can take shape in many forms – and addressing environmental challenges is one of our areas. Last year, we committed to contributing 1% of post-tax profits and resources for sustainability and social responsibility focused programs.
Glaciers are melting at an unprecedented rate, with 90% of glaciers predicted to disappear by the end of this century. Glacial melting has a significant negative impact on local environments, so we were highly motivated to collaborate with Glac-UP to take short-term steps to reduce that impact. Longer term, we continue to evaluate how we can shape our ESG efforts to address climate change.”
Glac-UP’s current program, the “Glac-UPxPresena” Project, in collaboration with the Pontedilegno – Tonale Consortium, is aimed at preserving the Presena glacier in the Italian Alps. Through IG’s sponsorship, Glac-UP will be able to facilitate the installation, maintenance, and removal of protective tarps on the surface of the glacier during the warmer months to decelerate its ice-melting rate.
This protective method is estimated to preserve approximately two to three metres in ice and snow thickness each summer. The method was first used in 2008 by the Pontedilegno-Tonale Consortium, without whose efforts the glacier would not exist today.
As part of the agreement, IG Group’s employees will be offered workshops which offer a deep dive on climate change, the triggering factors, the impact on glaciers and the need to adopt sustainable behaviours. The workshops will be held by Professors Guglielmina Diolaiuti and Antonella Senese, experienced glaciologists of Università degli Studi di Milano (Department of Environmental Sciences and Policy).
“We are honoured to partner with IG Group, for its commitment to fighting climate change. We are working closely with IG Group employees and stakeholders to raise awareness on the issue of climate change, and its impact on Alpine Glaciers”, said Pietro Cimenti, Co-founder, Glac-UP.