SEATTLE (Scrap Monster): Leading gold refiner SKS PAMP joined hands with UBS to act as sourcing partner of ‘Carbon Compensated Gold Exchange Traded Fund’ (ETF). The first-of-its-kind ETF will be backed by carbon-neutral gold bars that are supplied by MKS PAMP and certified by the Carbon Trust.
The carbon-neutral gold bars supplied to UBS for its new ETF will offer an opportunity for climate risk-oriented clients to invest in certified gold that meets strict environmental standards and mitigate the carbon footprint of their portfolios.
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Tamara Jomaa-Shakarchi, head of ESG at MKS PAMP, in a media statement, noted that the initiative will contribute to advancing environmental consciousness in the gold sector. ETF clients can expect the gold bars’ carbon emissions to be measured and neutralized. Also, a robust carbon management plan is in place to ensure continuous reduction in emissions, he added.
The project will support afforestation in Vichada, Colombia, which aims to increase forest cover, sequester carbon, and reduce GHG emissions. In addition, it will also result in creation of more than 200 full-time job opportunities in the area, predominantly hit by poverty.
The launch of the new ETF is in line with MKS PAMP’s long-standing commitment to carbon reduction.
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