Businesses that take steps to address the challenges of climate change not only benefit the environment but can also boost employment.
The International Labour Organisation estimates that moving to a greener economy has the potential to create as many as 60 million new jobs.
We invested $15 million in Miro Forestry in 2015. Miro is a sustainable timber company operating in Sierra Leone and Ghana that produces products such as sawn timber, poles and plywood for both the national and international markets.
$15 million in Miro Forestry in 2015
How Miro Forestry supports jobs
Miro employs 1,500 people across its two plantations. Each employee typically supports a further seven people, so it’s estimated that the company supports 8,000 people in total. The vast majority live in deprived rural areas, where there are few other opportunities for formal employment.
The company has benefitted local communities beyond providing jobs. By leasing the land directly from villages and paying them a proportion of income from harvesting, it has had a major financial impact on the lives of people in these communities. For example, people in the village of Ranola, Sierra Leone, used the money to build concrete block and steel homes, replacing the wood and thatch buildings where they previously lived.
Miro employees 1,500 people in rural areas in Sierra Leone and Ghana
How Miro Forestry supports the environment
Growing African economies are increasing the demand for wood – usually to heat homes or for use in cooking. By converting severely degraded land back into forestry, Miro is helping to increase the supply of timber, while protecting the endangered indigenous forest it manages.
James Allimamy Fornah joined Miro Forestry in Sierra Leone in 2012, originally in the Human Resources department. His passion for the environment, however, meant he was moved to the forestry team. With continued support and training from the company, James now manages the land and prepares it for planting. James says he’s proud to work at a company that’s having a positive impact: “Miro and my job are important in so many ways. Sierra Leone has lost most of its natural forest cover due to deforestation which has played a great role in increasing global warming.”
His job with Miro has also helped James to support his wife and daughter:
“When I joined Miro in 2012, I was paying house rent so was a tenant, but after five years of working I can now proudly say I am my own landlord as I was able to build my own house where I stay with my family.”
James Allimamy Fornah, Miro Forestry
How we’re invested in Miro Forestry
Our investment in Miro Forestry was our first direct investment in a business operating in Sierra Leone. The investment came as the country’s economy started to recover from the damaging effects of the Ebola crisis.
$15 million direct equity investment in Miro Forestry