By doing this, the carbon emission that MONARQ produces will be compensated and invested in emission reduction projects which combine energy, environment and developmental solutions into sustainable business opportunities in developing countries.
Many of MONARQ’s customers are located in the Caribbean, which in 2017, suffered a catastrophic hurricane season.
“With total damage of at least $294.67 billion and over 3350 casualties, it was the heaviest season since 2005, unfortunately impacting many of our business partners and their friends and families. It is our great concern that hurricanes are expected to intensify their impacts, due to the climate change causing higher ocean temperatures,” said the company.
Working through the “Climate Neutral Group,” MONARQ
is investing in Efficient Cooking Stoves in Uganda. In Uganda, 90% of households cook on open fires or traditional inefficient charcoal cook stoves, which causes serious deforestation, and puts biodiversity under enormous threat with the consequences of climate change.
The project invests in the local production, distribution and sales of efficient cooking stoves to make these available for all households in Uganda. These cook stoves use up to 50% less fuel (wood or charcoal) for cooking and release much less smoke into the atmosphere.