Goldman Sachs decorates the pot with its highly evolved bees

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Goldman Sachs has joined a growing number of property owners to add beekeeping to their environmental efforts.

The $ 2 trillion asset management giant has partnered with Alvéole, an organization that helps businesses, schools and organizations get bees into buildings.

Together, they are implementing a nationwide beekeeping initiative on the rooftops of individual offices, industrial plants, and apartment buildings throughout the United States. The program launched in 30 locations this month and is poised to become the standard offering for Goldman Sachs eligible real estate investments.

The partnership, a first of its kind with an institutional real estate investor, will help Alveola, whose clients already include Nuveen, BentallGreenOak and Ivanhoe Cambridge, grow and expand.

“We are delighted to partner with Alvéole to bring beekeeping and environmental awareness to many of our US investment properties,” said Joe Sumberg, managing director of real estate business at Goldman Sachs Asset Management.

“We recognize the great importance of bees as crop pollinators and their contribution to agriculture in enabling communities to thrive as they are responsible for every third bite of food we eat, the clean air we breathe, and the species we discover. Our vast geographic presence enables us to contribute to the development of sustainable cities and food systems. We strive to further strengthen our ties with nature in partnership with Alveol in the cities where our tenants work and live. ”

In the past year, there has been unprecedented interest in the conservation of ecosystems and the maintenance of biodiversity, including the launch of the G7 Task Force on Nature-Related Financial Disclosure.

The Goldman Sachs program was timed to coincide with National Honey Bee Day on August 21, an event aimed at raising awareness of the benefits and environmental needs of bees.

This practice is becoming increasingly popular in New York City thanks to the Durst organization, one of the first pioneers of commercial urban beekeeping. At One Bryant Park in Manhattan, the company started with two beehives in 2013 and now has 10 boxes on the seventh floor roof, about 12,000 bees in each box at the start of the season and 50,000 by the end.

Durst uses honey in its construction cafeterias and presents it as gifts to tenants and clients. There is even 24/7 bee chamber showing that the bees are busy all day.

Installing a city hive is fairly straightforward, Alveole says, and the hive can be installed in most unused open office spaces such as rooftops, balconies, or courtyards. Since its founding in 2013, Alveole currently operates in 14 major cities in the United States.

Its program with Goldman Sachs will attract tenants to participate in educational virtual workshops, virtual workshops and honey pranks. Through online platforms, tenants of each plot can track the health and productivity of the hives throughout the season, and participate by meeting bees, observing the honey harvesting process and enjoying the honey cans on the roof at the end of the season. season. The initiative is slated to produce 1,000 pounds of local and short circuit honey, with over 2,000 participants in workshops, 840 square miles pollinated by their hives, and 1.5 million bees.

Integrating real asset investment with efforts to protect and conserve key species such as honeybees represents an important step forward in scaling up environmental protection and aligns with Goldman Sachs’ sustainable growth strategy and a $ 750 billion commitment to sustainable financing that in 2019 identified ecosystem services and biodiversity management as one of nine investment themes critical to a sustainable future.

“We are very excited to present the Alveole Rooftop Beekeeping Program at Goldman Sachs,” said Alveole President and CEO Alexander McLean.

“Through our turnkey education program, our goal is to make people love bees, connect with nature and develop long-term sustainable development programs with communities in cities around the world. Urban beekeeping has become a highly coveted service that can positively impact businesses and schools, as well as provide opportunities for interaction and constructive team building. We look forward to a long, constructive and mutually beneficial partnership with Goldman Sachs and will continue to expand our program. ”

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