The term socioeconomic refers to the impact (both positive and negative), which economic-related projects have on society.
The economic model of the 20th century mostly, if not entirely, excluded social and environmental impacts from the design of its market systems, treating economic activity within an industry as a closed system simply with financial inputs and outputs.
The exclusion of the true cost of carbon emissions is one of the greatest market failures of the 20th Century. It now accounts for the single biggest contributor to global climate change. These “external” costs are manifested in many direct and indirect ways, for example, reduced air quality, increased flooding/drought, wildlife extinction and higher food prices.
Their exclusion compounds the legacy problem and accelerates negative societal effects. From the 21st Century, it is no longer acceptable not to include such environmental costs in economic considerations.
Corre Energy’s impact on a range of factors is measured and assessed. For example, environmental and social impact considers the combined implications of the project for the environment and society. Renewables, integration, emissions, and the security of supply amongst other factors, provide for a systems’ wide assessment and a more accurate and representative assessment for the true value of a project.We can certify elements of our gross Impact Value against recognised frameworks such as UN SDGs, Carbon certification for the Voluntary Markets.
The certified Impact Value of Corre Energy can be utilised to catalyse a range of parallel markets including the B2B Supply Chain, B2C Carbon Offset Markets, and B2C Online Retail Markets.
Through the recognition of Impact Value within these projects, we can begin to commercialise it and quantify the positive social and environmental impact that it holds. This allows our investors to recognise the social impact of their investments, and opens up additional revenue streams with an ability to distribute value back to communities through initiatives such as The Impact Store.
As the hidden value of energy storage is unlocked, energy can be distributed to communities and ultimately recycled to create additional Impact Projects, initiating a circular economy where innovations are continuously taking place.