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Initiative

The nature of business – Re-Living Stymphalia

The nature of business – Re-Living Stymphalia
SUBMITTED FROM:

Piraeus Bank Group

Piraeus Bank was founded in 1916. Today it represents the leading Bank in Greece with 30% market share in terms of customer loans and 29% in terms of customer deposits. The Bank is committed to play a leading role in the Greek economy, actively supporting economic activity and extroversion through specialized solutions and high-level services to its customers.

 

https://www.piraeusbankgroup.com/en/group-profile/brief-profile


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Objective Action

The EU co-funded project LIFE-Stymfalia aspires to develop an innovative financing model for the management of Natura 2000 sites. The aim of LIFE-Stymfalia project is the restoration of Lake Stymphalia (Natura 2000) and its long-term protection and management, through a systematic re-financing process, which will be ensured by the utilization of the area’s biomass and other renewable natural resources, combined with low-impact commercial activities. In this way, LIFE-Stymfalia will cover an EU need for sustainable financing for the conservation of biodiversity.

www.lifestymfalia.gr/en/TheProgram/Goal

 

Target Audience

The project mainly concerns the local community of Municipality of Sikyonion, the broader region of Corinthia and the visitors, as they are the basic stakeholders who will experience the project’s results. 

Piraeus Bank and the other beneficiaries of the project cooperate with scientists, regional and local government bodies, environmental NGOs and businesses in the Renewable Energy and tourist industry.

 

Duration

01 October 2013 - 29 September 2017


Description

In recent years, the wetland of Stymphalia has been significantly degraded. Covered by dense reeds, the result was the reduction of life in the Lake and the water balance disturbance. LIFE-Stymfalia aspires to create a sustainable management and financing system for Lake Stymphalia. According to this system, the biomass available in the area (reed bed and agricultural residues) will be exploited and converted into pellets and compost. Simultaneously, other types of renewable energy sources are being evaluated, so as part of the revenues from the above mentioned business activities will contribute to the refinancing of the Lake’s management. As such, the commercialization deriving from the ecosystem services of the Lake itself and the surrounding area will provide the financial means to support its future management, when the project ends.

As far as the design and the implementation of the practice are concerned, LIFE-Stymfalia, as an EU co-funded project, follows the EU guidelines and the proposal that has been submitted and approved. The progress of the project’s actions is systematically monitored through the submission of regular reports to the EU.

http://www.piraeusbankgroup.com/el/corporate-responsibility/environment/environmental-fields-of-action/european-projects


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Impact on Society

Being into  the third consecutive year of the project, remarkable results were produced:

  1. For the first time, a Management Plan for the protected site of Lake Stymphalia was elaborated and submitted to the competent authorities (http://www.lifestymfalia.gr/en/Actions/ActionsProgress?pagenr=5), as well as the Environmental Impact Assessment referring to the reed bed cutting and the regulation of the water level.
  2. The pilot reed bed cutting was implemented using an amphibian reed cutter machine and a mower binder, which were acquired in the context of the project. (http://www.lifestymfalia.gr/en/News/20151026_ReedCuttingReport).
  3. As the major challenge of the project is to engage the stakeholders and especially the local community in the effort of protecting the wetland’s biodiversity, several events, educational activities and workshops (http://www.lifestymfalia.gr/en/News/20150529_FirstWorkshop, http://www.lifestymfalia.gr/en/News/20160406_2ndWorkshop) were organized.
  4. The interest of the local community in the restoration of the Lake was expressed through the signing of the Agreement for the Protection of Lake Stymphalia by 320 residents of the wider area. Out of the 320 signatories, approximately 120 are local farmers, which consist the Farmers’ Network. At this stage, the farmers are educated through experiential educational seminars (http://www.lifestymfalia.gr/en/Actions/ActionsProgress?pagenr=1).
  5. At the Environmental Museum of Stymphalia the LIFE-Stymfalia thematic exhibition was installed under the theme “Heracles’ sixth labor” and has attracted almost 28.000 visitors up to now. (http://www.lifestymfalia.gr/en/News/20160515ExhibitionOpening).  
  6. Four notice boards were installed at strategic positions (http://www.lifestymfalia.gr/en/Actions/~/media/Images/Stimfalia/20150914-Stymphalia-with-Ministry_2927_b.ashx), in the context of environmental raising awareness.
  7. An environmental interpretation path and a bird observatory will enhance the tourist flows of the area.
  8. Aiming at the environmental education of local residents, an environmental educational suitcase was designed which will be provided to the schools throughout the country, increasing the impact of the project’s results.
  9. A Local Management Unit (LMU) consisting of local residents was established for the surveillance and management of the protected area. It is located at the Environment Museum of Stymphalia (http://www.lifestymfalia.gr/en/Actions/ActionsProgress?pagenr=1).


Initiative Location

Stymphalia Lake


Working with Organization

LIFE-Stymfalia is an innovative partnership of Piraeus Bank, as Coordinating Beneficiary, with 5 more partners: Piraeus Bank Group Cultural Foundation, the Municipality of Sikyonion, OIKOM Environmental Studies Ltd, the Society for the Protection of Prespa and the Centre for Renewable Energy Sources and Saving. The support of the municipality, the local community, the regional authorities, the Decentralized Administration, the Ministry of Environment and Energy and the local residents has been absolutely instrumental for the successful implementation of the project. Furthermore, within the project’s framework, there is a close collaboration with external assistants of various expertise (e.g. university professors, nature experts).


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Workers Participation

More than 30 specialized employees are actively involved in the implementation of the project, from different Bank divisions, as: Environment Unit (coordinator  of the project), Piraeus Bank Group Cultural Foundation, Green Banking,  Agricultural sector, Press Office, Marketing, Electronic Banking Division and Human Resources.


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Benefits for Οrganization

The management of Stymphalia wetland through a self-financing mechanism and through the establishment of a Local Management Unit comprises a continuous practice for the protection of the Lake in the long-term.

It is the first time that a private organization, especially a Bank, gets involved in linking Business and Biodiversity in Greece, therefore LIFE-Stymfalia introduces a major innovation in this field. The financial profile of the organization (core business) is closely related to the project, since it examines alternative economic activities aiming at protecting biodiversity with direct benefits for the environment and the community.

Ιn accordance with the targets of the EU Biodiversity Strategy to 2020 in the field “innovative financing of Natura 2000 sites”, the major project benefit will be to establish a sustainable financial model that can be replicated to fund wetland management in Greece (and in the EU).

In the framework of the continuous networking and exchange of knowledge amongst LIFE projects, the project gains European recognition inspiring other organizations and stakeholders (http://www.lifestymfalia.gr/en/networking/Networking-partners, http://www.lifestymfalia.gr/en/networking/other).

The coordination of LIFE-Stymfalia project attaches great benefits and added value to the Bank, as it gains great experience from the creation of a financing mechanism for the management of a protected site and enhances its reputation as the first "green" bank in Greece.




Connection with Global Goals



No Connection with Global Goals found





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