Castrén & Snellman is participating in a reforestation project in which Finnish carbon sequestration company Carbon Deed has planted three hectares of pine trees in Kärsämäki, Finland.
3.11.2020
Castrén & Snellman Begins Reforestation Project – Three Hectares of Forest Binds Carbon and Supports Biodiversity
Anna Kuusniemi-Laine
Fighting climate change not only requires emissions reductions, but also the removal of carbon dioxide from the atmosphere. By planting trees, Castrén & Snellman is doing its own small part to increase Finland’s carbon sink. Over its 60-year lifecycle, this forest will bind an estimated 750 tonnes of carbon dioxide, which is the size of the firm’s carbon footprint in 2019.
In addition to pine, the plot already has birch growing on it naturally, and with time, it is expected to grow spruce as well. Forest biodiversity helps provide habitats for a wide array of species of animals, plants and fungi.
‘Having mapped our carbon footprint, it was time to look into the various ways we could do our part in the fight against climate change. We want to promote effective practices to increase carbon sinks. Reforestation gives us the opportunity to do develop carbon sinks domestically while helping to support Finnish nature’, said the firm’s Head of Sustainability, Partner Anna Kuusniemi-Laine.
Castrén & Snellman’s partner in this project, Carbon Deed, always purchases the plots to be reforested itself in order to ensure that the planted forests will not be used for commercial purposes or felled for pulp mills.
‘In time, the trees will be used in ways that will bind carbon dioxide, such as wood construction or biochar, or left standing to develop into old-growth forest, which will support biodiversity’, said Mikko Järveläinen from Carbon Deed.
Picture Cardon Deed. Cardon Deed’s founders from left to right: Aleksi Poropudas, Niklas Alho and Mikko Järveläinen.
Reforestation as Part of the Firm’s Work to Promote the UN’s Sustainable Development Goals
As a member of the UN Global Compact, Castrén & Snellman is committed to the UN’s sustainable development goals and actions against climate change as well as to sustainably manage the environment.
This reforestation project is part of the firm’s work to tackle its climate impact. The project supports biodiversity and promotes the development and spread of environmentally friendly solutions.
Targeting a 25% Carbon Footprint Reduction by 2025
Castrén & Snellman completed its first carbon footprint calculation this summer. Based on the calculation, the firm set itself the goal of reducing its carbon footprint by 25% from its 2019 level by 2025.
Earlier this autumn, Castrén & Snellman compensated its 2019 carbon footprint by buying Gold Standard certified emissions reductions through a clean water project in Rwanda that will reduce the burning of wood
Carbon Footprint Mapping, Reduction and Compensation Part of C&S’s Sustainability Work
The mapping, reduction and compensation of its carbon footprint are now a part of Castrén & Snellman’s annual sustainability work. The firm will continue to refine its picture of its climate impact and follow-up on its emissions reduction targets to make sure they remain ambitious.
Latest news
Latest references
A. Ahlström – ESG advisory and corporate sustainability due diligence process planning
We advised A. Ahlström in establishing a corporate sustainability due diligence process plan which incorporates best practices and tailored solutions based on our expertise within relevant business sectors. Our comprehensive ESG offering also included tailored training for members of the investment team and management team and the board of directors of several portfolio companies. ‘The ESG team at Castrén & Snellman provided us with legal and practical advice around the ESG regulatory tsunami that we need to incorporate in our ESG work,’ comments Camilla Sågbom, Director, Sustainability and Communications, at A. Ahlström Oy. A. Ahlström is a family-owned industrial company, developing leading global specialist positions in Forest & Fiber and Environmental technology sectors.
Case published 5.9.2024
Vapaus Bikes Finland – Series A funding round
We represented Vapaus Bikes Finland Oy, a company offering employee benefit bikes, in its international EUR 10 million Series A funding round. The investors behind the funding are private equity investors Shift4Good and Superhero Capital Ltd as well as Tesi together with the European Guarantee Fund of the European Investment Bank. The equity-based funding will support the company’s international expansion, software development, platform automation, and the growth of its concept for the second-hand market of bikes. Vapaus Bikes Finland is at the forefront of sustainable mobility services and has been a pioneer in the Employee Benefit Bikes sector since late 2020. It has been ranked among Finland’s fastest growing companies. Shift4Good is an impact venture capital fund focused on the decarbonisation of the transportation sector. Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies.
Case published 21.8.2024
City of Rovaniemi – Former employees ordered to pay damages in an investment decision matter
We successfully acted for the City of Rovaniemi in a matter concerning offence in public office and damages claims in relation to a significant investment decision made by the city. The defendants were the city’s former municipal corporate officer, who was in an employment relationship, and a city treasurer, who was in a public-service employment relationship and acted as the supervisor of the municipal corporate officer. The criminal matter related to the City Board’s decision to invest EUR 2 million of the city’s funds in bonds offered by a newly established investment company in accordance with a decision prepared by the defendants. A significant part of the company’s operations involved quick loan business. The main legal question in the matter was whether the investment of public funds constitutes an exercise of public authority and whether regulation on offences in public office therefore becomes applicable even to a person in an employment relationship. The municipal corporate officer in an employment relationship was charged with aggravated abuse of public office based on her negligence in the preparation and presentation of the investment decision as well as based on a conflict of interest due to the fact that she had invested her own money in a company that received funding from the investment target presented to the City Board. The charges of an offence in public office against the city treasurer concerned his position as the supervisor and reporter of the city’s investment activities. He was also involved in the preparation and presentation of the City Board’s decision. The processing of the matter started in the District Court of Lapland in June 2022. In its judgment given in August 2022, the District Court stated, based among other things on our argumentation, that the investment of public funds constitutes an exercise of public authority and that regulation on offences in public office can therefore be applied to the municipal corporate officer. The District Court deemed that the conduct of the former municipal corporate officer fulfils the characteristics of abuse of public office and that the conduct of the former city treasurer fulfils the characteristics of violation of official duty with respect to the preparation of the investment decision, but the right to bring charges had become time-barred. Punishments could therefore not be imposed on the defendants, but the defendants were ordered to jointly and severally pay the city approximately EUR 114,000 in damages plus interest for late payment. The city treasurer’s share of the amount was 10%. The prosecutor accepted the judgment but the other parties appealed it to the Court of Appeal. Acting for the city, we pursued claims for both punishment and damages in the Court of Appeal. The Rovaniemi Court of Appeal processed the matter in November and December 2023. In its judgment given in June 2024, the Court of Appeal upheld the District Court’s judgment with respect to the abuse of public office and violation of official duty. The Court of Appeal deemed that the municipal corporate officer had failed in her duty to declare the conflict of interest. In addition, she had failed in her duty to ensure that the prepared decision was in compliance with the city’s investment guidelines and that it had been properly put out to tender. The Court of Appeal also found that the text of the investment proposal was insufficient and misleading and that the municipal corporate officer’s conduct was intentional. As regards the city treasurer, the Court of Appeal held that he had failed in his duty to ensure that the investment proposal to the City Board complied with the investment guidelines, that the presentation was not misleading and that risks were taken into account as required by the investment guidelines. With the judgement, the Court of Appeal took a clear position that abuse in public offices and when exercising public authority is not acceptable. The judgment is also significant as it declares that investing public funds constitutes an exercise of public authority and that the liability for acts in office therefore becomes applicable even to persons in employment relationships. In addition, a key question for the Court of Appeal to assess was defining the amount of economic damage in a matter related to investment activities. The Court of Appeal held based on our arguments that the conduct of the municipal corporate officer and the city treasurer had caused damage to the city. The Court of Appeal increased the amount of damages to EUR 210,000 with the city treasurer’s share limited to 10%. The amount was increased because the Court of Appeal deemed that the city had suffered damage not only in terms of the loss of capital but also in terms of the loss of estimated return on investment. The judgement is not final.
Case published 21.8.2024
Tesi – Investment in Sisu Auto
We advised Tesi (Finnish Industry Investment Ltd) in its investment in the heavy duty vehicles company Oy Sisu Auto Ab. With this investment, Tesi became an owner in the company with a share of 24.4 per cent. Sisu Auto is a pioneer in the Nordic market in the development of heavy duty vehicles. Sisu’s core competences are in the product development and production of trucks and military vehicles. Tesi is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies. The investments managed by Tesi total 2.1 billion euros.
Case published 19.8.2024