WOULD YOU MARRY MI PAIS: 20 YEARS AFTER
HELPING THE ANDES
HOW?
Three Waves of Globalisation. Twenty-Four Years of Economic Cooperation. One Invitation to Invest in Our Shared Future.
By Roberto F. Salazar-Córdova
Economist | Maastricht University | Chevening Fellow, Nottingham University Business School
President, Red Santa Cruz — Chile
CEO, Hexagon Group LATAM–UK–Global
ADN@+ | SIERRA|ANDES | URKU
AN INVITATION TO OUR GLOBAL NETWORK
Dear friends and colleagues,
Twenty-four years ago, I travelled from Ecuador to the Netherlands to study how a country emerging from a profound economic crisis could finance social protection after adopting the United States dollar.
Twenty years ago, at Nottingham University Business School, I asked another question: Would You Marry “Mi País”? Could international business establish lasting commitments with developing countries through responsible investment, institutional confidence and economic cooperation?
Today, through Red Santa Cruz in Chile, we are asking a third question:
Can we transform the environmental value of the Andes into investment that protects ecosystems, strengthens rural livelihoods and creates measurable economic and social benefits?
We believe the answer deserves serious consideration.
Over the past five years, we have developed URKU, a proposed environmental-finance instrument. Over the past three years, we have worked on territorial consultation, institutional cooperation and project development for the first SIERRA|ANDES pilot in Ecuador's Kayambi territory.
We are now inviting colleagues from our international network to help advance this work through professional expertise, institutional partnerships, investment introductions and potential financial participation.
The opportunity brings together many of the disciplines that have connected us over the years: economics, sustainable business, corporate citizenship, public policy, investment, governance, environmental management and international cooperation.
Our immediate objective is to advance a credible, independently assessed and financially sustainable pilot that can inform future initiatives across the Andes.
This article presents the opportunity in a concise form. Seven annexes provide the historical, technical, institutional and financial information for those wishing to examine it in greater depth.
1. THREE WAVES OF GLOBALISATION: ONE ECONOMIC JOURNEY
Our work has evolved through three distinct but connected stages.
The first wave began in 2002, in the Netherlands. Following Ecuador's dollarisation in 2000, I travelled to Maastricht University to study Social Protection Financing. The challenge was to understand how monetary stability, public finance and credible institutions could support long-term commitments to households and communities.
The second wave began with Hexagon in Ecuador in 2003. After serving in Ecuador's economic administration, including public investment programming and as Vice Minister of Economy, I wanted to apply the lessons of public finance and institutional development to private enterprise and international cooperation. The Chevening Fellowship at Nottingham in 2006 deepened that work through research on the economics of global corporate citizenship.
The third wave emerged through Red Santa Cruz in Chile. Its international Council of Founders was constituted in Washington in 2019. Together with the Hexagonal Dialogue, the Hexagon Toolkit, ADN@+, SIERRA|ANDES and URKU, we have developed a platform for connecting economic cooperation with impact-investment opportunities.
Each wave has addressed a different financing challenge.
The first concerned social protection. The second concerned investment and responsible business. The third concerns environmental value, community development and the mobilization of capital.
The common foundation is Critical Economic Cooperation: the design of credible commitments, appropriate incentives and institutional arrangements through which participants can create shared value.
The historical development, academic foundations and international research connections are presented in Annex 0.
2. WHY THE ANDES, AND WHY NOW?
The Andes sustain ecosystems whose economic importance extends far beyond the mountains themselves.
Páramos, forests, wetlands and high-altitude soils contribute to water regulation, biodiversity conservation, carbon storage and the resilience of productive landscapes.
Their benefits reach households, agriculture, cities, industries and watersheds draining toward the Pacific, Atlantic and Caribbean basins.
Yet the communities responsible for managing these ecosystems often face immediate economic pressures that compete with conservation.
This creates an investment opportunity grounded in a real economic problem: the value of environmental services is not always reflected in the income of those who help maintain them.
Environmental finance can contribute to addressing this imbalance when ecological outcomes are eligible, additional, measurable, independently verified and supported by legitimate rights and safeguards.
SIERRA|ANDES is being developed to connect these conditions with productive transformation and community participation.
Its ambition is to establish a practical model in which protecting ecosystems and improving livelihoods become mutually reinforcing economic activities.
3. SIERRA|ANDES: OUR FIRST INVESTMENT OPPORTUNITY
Kayambi territory · Ecuador · AFOLU environmental and productive development
Preliminary environmental portfolio Potential tCO₂e annually, subject to verification Families in the wider territorial context Illustrative development-financing framework
The first SIERRA|ANDES pilot is being developed in the Kayambi territory of Ecuador, within a wider community context of approximately 200,000 inhabitants and 40,000 families, including around 2,500 dairy-producing families.
Its preliminary environmental portfolio comprises 18,251 hectares of páramo, forest and restoration areas.
Technical development scenarios estimate potential climate benefits of approximately 266,600 tonnes of CO₂ equivalent annually. These are prospective estimates, not issued or independently verified carbon credits.
The initiative is being structured within the AFOLU sector, with work focused on eligible REDD+ and agricultural land-management approaches, subject to the applicable methodologies, safeguards and independent assessment.
The productive component examines opportunities to improve dairy production, household incomes, land management and access to finance.
The social objectives include strengthening food security and contributing to efforts to reduce child malnutrition.
Our intention is to connect environmental integrity with productive development through economic arrangements that recognize the participation and rights of local communities.
The investment proposition is the development of a measurable environmental asset alongside a productive and social program capable of generating value within the territory.
The detailed environmental plan, productive assumptions, methodological requirements and financing framework are presented in Annexes I and II.
4. URKU: FINANCING THE PATH FROM DEVELOPMENT TO VERIFIED ENVIRONMENTAL VALUE
Environmental projects require capital before eligible environmental outcomes can be verified and commercialized.
Studies, monitoring systems, community engagement, legal documentation, independent assessment and implementation all require financing.
URKU has been developed to address this timing challenge.
Its conceptual design associates one URKU with one tonne of CO₂ equivalent per year, subject to the underlying project's methodology, environmental rights and contractual arrangements.
URKU-B is the proposed development-stage instrument.
URKU-A represents a potential subsequent instrument associated with eligible certified and registered environmental value, subject to successful compliance and definitive contractual conversion terms.
The distinction is essential: an URKU is not automatically an issued carbon credit, and its financial and environmental rights depend on the applicable documentation.
Our proposed 2026 reference participation price is US$9.777 per URKU-B, with an indicative scheduled reference of US$11.777 on December 31, 2026.
Separate conditional environmental valuation scenarios have been examined at US$19.777 and US$77.700 per tonne of CO₂ equivalent.
These are illustrative assumptions rather than established market prices or guaranteed financial outcomes.
The investment proposition therefore requires evaluation of both the underlying project and the instrument's legal, environmental and financial conditions.
Annex III explains the participation structure. Annex VI provides the pricing schedule, conditional valuation scenarios and relevant qualifications.
5. HOW WE PROPOSE TO GOVERN THE INVESTMENT
The success of environmental finance depends on more than carbon calculations or capital availability.
It requires legitimate participation, clear rights, credible institutions, transparent administration and agreements capable of being implemented over time.
Our approach combines three complementary capabilities.
Red Santa Cruz provides the Chile-based platform for developing and coordinating impact-investment opportunities, subject to applicable mandates and legal requirements.
The Hexagonal Dialogue provides a methodology for examining stakeholder interests, structuring cooperation and developing agreements.
The Hexagon Toolkit supports assessment, prioritization, stakeholder analysis and evidence-based decisions.
Together, these capabilities seek to connect project preparation, investment administration and institutional cooperation.
Environmental validation and verification must remain independent of commercial interests. Community rights, benefit distribution, contractual responsibilities and intellectual property require explicit documentation.
Our objective is to develop a governance structure that investors, communities and technical institutions can examine with confidence.
The proposed administration and governance processes are developed in Annex IV, while the cooperation methodology and its assessment parameters are presented in Annex V.
6. WHAT WE ARE INVITING YOU TO DO
Our international network brings together experience in responsible business, sustainability, economics, public policy, finance, institutional governance, research and development cooperation.
We would like to turn those capabilities into a practical contribution to SIERRA|ANDES.
We invite colleagues to examine the project and consider four forms of engagement.
Professional review. Help assess environmental integrity, economic assumptions, governance, safeguards, financial structure or investment readiness.
Institutional cooperation. Introduce universities, technical organizations, development institutions, businesses or other partners whose capabilities could strengthen the project.
Investment connections. Help identify prospective financing partners interested in credible environmental and productive-development initiatives.
Direct participation. Examine the proposed URKU documentation and consider whether development-stage participation is appropriate in light of its contractual rights, risks and conditions.
The indicative participation framework ranges from one URKU to 10,000 URKUs, with separately negotiated arrangements possible for substantial project partnerships or equity investment.
Any commitment would require the relevant legal documentation and appropriate due diligence.
Our immediate goal is to establish a focused professional dialogue, identify the contributions that can most effectively advance the pilot and connect interested participants with the corresponding technical and financial information.
7. FROM OUR SHARED HISTORY TO OUR NEXT CHAPTER
In 2002, the question was how to finance social protection after dollarisation.
In 2006, it was how international business could establish lasting commitments with developing countries.
In 2026, it is how environmental value can help finance conservation, productive transformation and community prosperity.
The three questions share an economic foundation: long-term value requires credible commitments, appropriate incentives and institutions capable of sustaining cooperation.
Our first SIERRA|ANDES pilot provides an opportunity to apply that foundation.
We are not asking our colleagues to accept a finished proposition without examination. We are inviting them to contribute to the process through which the proposition can become stronger, more transparent and more investable.
We want to advance technical studies, environmental compliance, safeguards, governance, project financing and productive implementation.
We also want to learn from the experience of colleagues working in different regions and disciplines.
The opportunity is to connect twenty-four years of professional learning with a specific project and a network capable of helping it progress.
WOULD YOU MARRY MI PAÍS?
Dear friends and colleagues,
Our professional relationships have crossed countries, institutions and generations of ideas.
Today, we have an opportunity to reconnect through a practical initiative.
Would you help us strengthen SIERRA|ANDES?
Would you contribute your expertise, introduce a partner or examine the proposed financing structure?
Would you help us build a model through which protecting the Andes can contribute to the prosperity of the communities that live there?
We would welcome the opportunity to exchange perspectives and explore how each of us might contribute.
The seven annexes below provide the historical, technical, institutional and financial framework for that conversation. They are designed for readers who wish to move from initial interest toward critical evaluation, due diligence and potential participation.
HELPING THE ANDES. INVESTING IN MAKING PEACE.
WOULD YOU MARRY MI PAÍS?
Roberto F. Salazar-Córdova
Economist |
Maastricht University | UK Chevening Fellow
President, Red Santa Cruz — Chile
CEO, Hexagon Group LATAM–UK–Global
ADN@+ | SIERRA|ANDES | URKU
SEVEN ANNEXES FOR INFORMED PARTICIPATION
From the Foundations of Critical Economic Cooperation to the Financial Conditions of SIERRA|ANDES
The main article presents the investment opportunity and the invitation to our international network. The following annexes provide the supporting framework for professional review, institutional cooperation and potential investment participation.
Annex 0 — Foundations: Our three waves of globalisation, research history, professional network and institutional development.
Annex I — Plan: Sustainable impact, territory, ecosystems, communities and environmental objectives.
Annex II — Program: The economics of impact, productive transformation and financing requirements.
Annex III — Participation: Financing Hexagon, URKU and the proposed participation structure.
Annex IV — Process: Investment administration, project development and governance.
Annex V — Parameters: The Hexagonal Dialogue and cooperation within the Red Santa Cruz professional network.
Annex VI — Prices: Reference pricing, conditional valuation scenarios and compliance requirements.
These seven annexes distinguish the initiative's historical foundations, current development work, prospective assumptions and conditions for future implementation.
ANNEX 0. FOUNDATIONS — TWENTY-FOUR YEARS OF CRITICAL ECONOMIC COOPERATION
0.1. The First Wave: Ecuador, Dollarisation and Maastricht, 2002
Ecuador adopted the United States dollar in 2000 after a severe financial and monetary crisis.
Dollarisation transformed the country's economic-policy framework. The financing of public expenditure, social protection and investment became closely connected to fiscal sustainability, institutional confidence and the availability of real economic resources.
My experience in Ecuador's economic administration, including dialogue concerning the consolidation of dollarisation, encouraged me to examine these relationships through comparative study.
In 2002, I travelled to the Netherlands to study Social Protection Financing at Maastricht University.
The program provided an opportunity to explore the financing of pensions, health, social insurance and social assistance, together with the responsibilities of governments, employers, workers and households.
The experience also coincided with the introduction of euro banknotes and coins, offering a particularly relevant context for thinking about monetary integration and institutional arrangements.
The principal lesson was that durable social commitments require credible financing, clearly defined responsibilities and institutions capable of operating over long periods.
That lesson remains relevant to environmental finance.
The challenge of supporting communities through social protection and the challenge of supporting conservation through environmental finance both involve the allocation of resources across time, the distribution of risks and the establishment of credible commitments.
0.2. The Second Wave: Public Investment, Hexagon and Nottingham
My subsequent experience as Ecuador's Undersecretary of Public Investment Programming and Vice Minister of Economy provided practical exposure to investment evaluation, public finance and institutional decision-making.
The transition toward private enterprise was motivated by an interest in applying economic analysis to investment, business development and cooperation among organizations.
Hexagon was established in Ecuador in 2003.
Its work developed through consulting, research, institutional relationships and international business activities.
In 2006, a Chevening Fellowship at Nottingham University Business School provided the opportunity to examine the economics of global corporate citizenship.
The research was undertaken at the International Centre for Corporate Social Responsibility and included a practical placement with Business in the Community.
Its title was Would You Marry “Mi País”? — On the Economics of Global Corporate Citizenship.
The central proposition concerned the economic foundations of lasting commitments between international companies and developing countries.
Drawing on institutional economics, game theory and contract theory, the research explored how responsible business could become a credible form of cooperation.
The concepts of Critical Economic Cooperation and Islands of Integrity emphasized the importance of aligned incentives, transparency, accountability and arrangements capable of reducing institutional uncertainty.
These ideas informed the subsequent development of the Hexagonal Dialogue.
0.3. Chile and the International Development of Hexagon
Hexagon established a presence in Chile in 2007, extending its work across Latin America and strengthening its international relationships.
Around 2016–2017, Chile became the principal centre of its international activities.
The experience accumulated through consulting, institutional engagement and project development contributed to the evolution of the Hexagonal Dialogue and the Hexagon Toolkit.
The Dialogue provides a methodology for structured cooperation among stakeholders with different interests and responsibilities.
The Toolkit supports stakeholder analysis, prioritization, assessment of capabilities and decision-making.
These tools were developed to help organizations move from identifying shared objectives toward implementing agreements.
0.4. The Third Wave: Red Santa Cruz and Investment Administration
Red Santa Cruz was established as a platform for cooperation and impact investment, with its international Council of Founders constituted in Washington in 2019.
Its Chile-based institutional development has focused on coordinating professional relationships, project opportunities and investment-administration capabilities.
The third wave connects economic analysis, governance methodologies and financing mechanisms through specific projects.
SIERRA|ANDES provides the territorial application.
URKU provides the proposed environmental-finance mechanism.
The Hexagonal Dialogue supports cooperation among participants.
The Hexagon Toolkit supports assessment and decision-making.
ADN@+ provides a platform for publishing analysis and facilitating international dialogue.
Together, these components form an institutional framework intended to connect knowledge, investment and measurable development outcomes.
0.5. ADN@+ and the Digital Professional Network
ADN@+ began publishing economic analysis in February 2020.
By October 2026, the platform had recorded 44,083 visitors, 85,607 sessions and 108,220 page views.
Ecuador accounted for 22,195 visitors, Chile for 10,594, the United States for 3,909, Spain for 1,013 and the United Kingdom for 390, with additional audiences across Africa, Asia, Europe and Oceania.
The average session duration recorded for Chile was approximately 11 minutes and 22 seconds, compared with 8 minutes and 22 seconds for Ecuador.
These figures describe the platform's audience and engagement. They do not measure investment commitments, project financing or environmental results.
They illustrate the potential of digital communication to connect a professional network across continents.
0.6. Research Foundations and International Perspectives
Critical Economic Cooperation draws on institutional economics, public finance, contract theory, game theory and the economics of organizational relationships.
Its development also connects with the international evolution of responsible business and sustainable finance.
Wayne Visser's research on CSR 2.0 and regenerative business emphasizes the transition toward integrated value creation, good governance, societal contribution and ecological integrity.
Research associated with Victoria Hurth, Aris Vrettos and the University of Cambridge Institute for Sustainability Leadership examines how organizational purpose, leadership and governance can contribute to sustainable business transformation.
Professional experience in emerging economies, including research on responsible business, rural livelihoods, sustainable supply chains and institutional development, provides additional comparative perspectives.
The relevant contribution of our international network lies in bringing these perspectives together around practical project questions.
The objective is to connect theory, evidence, institutional arrangements and implementation.
0.7. From Social Protection to Environmental Protection
The three waves can be understood as a progression in the economics of financing.
The first examined how a society finances protection for its people.
The second examined how public and private organizations can cooperate to generate economic and social value.
The third examines how the value of environmental protection can contribute to the financing of conservation and community development.
The common question is how to establish credible commitments across time.
SIERRA|ANDES represents a practical opportunity to apply this accumulated experience.
ANNEX I. PLAN — SUSTAINABLE IMPACT
I.1. Territorial Scope
The first SIERRA|ANDES pilot is being developed in the Kayambi territory of Ecuador.
The wider community context includes approximately 200,000 inhabitants and 40,000 families, among them around 2,500 dairy-producing families.
The preliminary environmental portfolio covers 18,251 hectares.
This includes 9,973 hectares of páramo, 6,094 hectares of forest and 2,184 hectares associated with restoration activities.
The exact eligibility, boundaries, land-use classifications and environmental rights require confirmation through the applicable technical and legal processes.
I.2. Environmental Objectives
The environmental component seeks to protect eligible ecosystems and develop measurable climate and ecological outcomes.
The preliminary technical scenario estimates potential benefits of approximately 266,600 tonnes of CO₂ equivalent annually.
This is a prospective estimate rather than a verified or registered volume of carbon credits.
The environmental work is being developed within the AFOLU sector, with attention to eligible REDD+ and agricultural land-management approaches.
Methodological application requires careful differentiation among forest carbon, soil carbon, land management and other ecosystem functions.
Hydrological regulation and biodiversity benefits may be relevant to the wider project, but they must not be represented as quantified carbon outcomes unless supported by an appropriate methodology.
I.3. Community and Social Objectives
The project seeks to strengthen the relationship between conservation and rural livelihoods.
Its social objectives include improved household incomes, sustainable productive opportunities, food security and contributions to efforts to reduce child malnutrition.
The development model recognizes that communities require credible economic incentives and appropriate participation in decisions affecting their territories.
Benefit-sharing arrangements, community rights and safeguards must be established through legitimate processes and definitive agreements.
I.4. Environmental Integrity and Safeguards
The project requires assessment of baseline conditions, additionality, permanence, leakage, monitoring, environmental rights and applicable safeguards.
Community participation and the distribution of benefits must be documented and consistent with the relevant legal and methodological requirements.
Independent validation and verification are essential to establishing the credibility of environmental claims.
The objective is to develop a portfolio capable of supporting eligible, measurable and independently assessed outcomes.
ANNEX II. PROGRAM — ECONOMICS OF IMPACT
II.1. The Economic Proposition
The SIERRA|ANDES program seeks to connect the value of environmental services with productive investment and community development.
The economic model recognizes that conservation creates benefits extending beyond the immediate landholder or producer.
Where eligible environmental outcomes can be measured and commercialized, their value may help finance the activities required to protect and maintain ecosystems.
The program also examines productive investments capable of strengthening household incomes and reducing pressures on sensitive landscapes.
II.2. Productive Transformation
The Kayambi pilot includes a dairy-development component involving approximately 2,500 producing families in the wider territorial context.
Preliminary scenarios have examined the possibility of increasing production from approximately 20,000 to 60,000 litres per day across participating systems.
The economic analysis has considered producer prices, productive incentives, access to credit and investments in sustainable land management.
These assumptions require confirmation through technical feasibility, commercial assessment, financing arrangements and implementation planning.
The objective is to improve productivity and incomes while supporting environmental protection.
II.3. Preliminary Financing Framework
Preliminary planning has considered a US$20 million development framework.
Within that scenario, US$11.2 million has been identified for capital expenditure and US$2.8 million for operating expenditure.
The remaining US$6 million is a planning balance whose treatment must be established in the definitive financing structure.
These amounts represent illustrative development assumptions rather than approved budgets, committed financing or guaranteed project distributions.
The final financing structure must define the allocation of resources, governance responsibilities, financial controls, contractual rights and treatment of project risks.
II.4. Economic Feasibility and Risk
Project feasibility depends on the interaction among environmental outcomes, productive performance, investment costs, operating requirements, community benefits and market conditions.
Environmental revenue scenarios require eligible, verified outcomes and actual commercialization opportunities.
Productive revenue scenarios depend on implementation, financing, operating costs and market demand.
The economic model must therefore distinguish prospective value from realized cash flows.
Independent technical and financial assessment will be important to determining the conditions under which the project can become investable.
ANNEX III. PARTICIPATION — FINANCING HEXAGON
III.1. The Purpose of URKU
URKU has been developed as a proposed financing mechanism for environmental project development.
Its conceptual design associates one URKU with one tonne of CO₂ equivalent per year, subject to the underlying project's methodology, environmental rights and contractual arrangements.
The instrument seeks to address the period during which projects require resources for technical preparation, community engagement, monitoring, legal structuring and independent assessment.
URKU-B is the proposed development-stage instrument.
URKU-A is the intended subsequent instrument associated with eligible certified and registered environmental value, subject to definitive contractual conversion conditions.
An URKU is not automatically an issued or independently verified carbon credit.
III.2. Proposed Participation Levels
The indicative participation framework includes five levels.
BUYER — 1 URKU. At the 2026 reference price, the indicative entry cost is US$9.777.
STARTER — 10 URKUs. The indicative entry cost is US$97.77.
BUILDER — 100 URKUs. The indicative entry cost is US$977.70.
PARTNER — 1,000 URKUs. The indicative entry cost is US$9,777.00.
INVESTOR — 10,000 URKUs. The indicative entry cost is US$97,770.00.
These categories are indicative and do not constitute confirmed subscription terms.
III.3. Other Forms of Participation
Professional participation may include research collaboration, technical review, institutional introductions, governance support or project-development services.
Substantial financing or project equity may be considered through separately negotiated arrangements.
Acquiring URKU units does not automatically provide project equity, voting rights, ownership of land or carbon credits, or a guaranteed financial outcome.
All rights must be established in definitive agreements.
III.4. Institutional and Intellectual-Property Rights
The development of SIERRA|ANDES involves methodologies, tools, institutional relationships and intellectual property created through different organizations and periods.
Project-level agreements must distinguish the use of existing tools from any transfer or licensing of ownership rights.
The financing structure must preserve the contractual and intellectual-property rights of Hexagon Group, Red Santa Cruz and other participating organizations.
ANNEX IV. PROCESS — ADMINISTERING AND GOVERNING THE NETWORK
IV.1. Investment Administration
Red Santa Cruz provides a Chile-based institutional platform for coordinating professional relationships and impact-investment opportunities, subject to applicable mandates and legal requirements.
Its proposed role includes project development, investment coordination, institutional relationships and the administration of agreed processes.
The specific responsibilities of each participating organization must be established through applicable contracts and governance arrangements.
IV.2. Project-Development Process
The proposed process includes identification of project opportunities, technical assessment, stakeholder engagement, due diligence, contractual documentation, resource allocation, implementation, monitoring and reporting.
Each stage requires clearly defined responsibilities and appropriate controls.
The objective is to connect project preparation with financing and measurable implementation outcomes.
IV.3. Governance and Accountability
Governance arrangements must establish decision-making authority, financial controls, reporting obligations and procedures for managing conflicts of interest.
Environmental validation and verification must remain independent of commercial interests.
Community rights, benefit distribution and environmental claims require explicit documentation.
The purpose is to create an institutional structure capable of supporting responsible investment over time.
IV.4. Monitoring and Reporting
Environmental monitoring must follow the applicable methodologies and verification requirements.
Financial reporting should distinguish development expenditure, operating costs, committed resources, prospective revenues and realized transactions.
Social and productive indicators should be defined in ways that permit consistent monitoring.
The objective is to make the project's performance assessable by its participants and relevant independent institutions.
ANNEX V. PARAMETERS — THE HEXAGONAL DIALOGUE AMONG THE RED SANTA CRUZ PROFESSIONAL NETWORK
V.1. The Economics of Cooperation
The Hexagonal Dialogue provides a methodology for examining cooperation among stakeholders whose interests and responsibilities affect project implementation.
Its purpose is to connect participation with economic analysis, institutional reasoning and practical agreements.
The methodology recognizes that participants may have different expectations, constraints and capacities.
Credible cooperation requires these differences to be examined and addressed.
V.2. Principal Parameters
The relevant parameters include legitimacy of participation, clarity of rights, economic feasibility, environmental integrity, institutional capacity, transparency and equitable distribution of benefits.
The Hexagon Toolkit supports stakeholder analysis, prioritization, assessment of capabilities and evidence-based decision-making.
These parameters provide a basis for evaluating both the project and the quality of cooperation among its participants.
V.3. Dialogue and Dispute Resolution
The process provides opportunities to address disagreements through structured dialogue and negotiated solutions, while respecting applicable law and contractual rights.
Its purpose is to identify alternatives that can improve the economic and institutional conditions for cooperation.
The methodology complements legal and contractual mechanisms by addressing the interests and incentives underlying institutional relationships.
V.4. The International Professional Network
The Red Santa Cruz professional network can contribute through technical expertise, research, institutional relationships, governance support and potential investment participation.
The immediate objective is to identify colleagues interested in examining SIERRA|ANDES and determine where their capabilities could add value.
The network may support technical review, institutional partnerships, investment readiness and the development of future initiatives.
ANNEX VI. PRICES — VALUATION DEPENDING ON COMPLIANCE
VI.1. Price Conventions
All amounts are expressed in United States dollars using international English-language notation.
A period separates decimals and a comma separates thousands.
For clarity, US$9.777 means nine dollars and 77.7 cents, while US$9,777.00 means nine thousand seven hundred seventy-seven dollars.
VI.2. URKU-B Development-Stage Pricing
The initial URKU-B reference price in 2025 was US$7.770 per unit.
The 2026 reference participation price is US$9.777.
A proposed scheduled reference price of US$11.777 is contemplated for December 31, 2026.
If the proposed annual increase of US$2.000 per unit continues, the indicative year-end reference prices would be US$13.777 in 2027, US$15.777 in 2028, US$17.777 in 2029 and US$19.777 in 2030.
These figures represent a pricing-policy scenario rather than confirmed market transactions.
The scheduled December 2026 reference price is US$2.000 above the 2026 entry price, an arithmetic difference of 20.46%.
This is a comparison between reference prices, not a realized financial outcome.
VI.3. Conditional Environmental Valuation Scenarios
A separate valuation pathway considers the potential conversion of URKU-B into URKU-A following successful environmental validation, verification and registration, together with the applicable contractual requirements.
The lower illustrative carbon valuation scenario is US$19.777 per tonne of CO₂ equivalent.
The higher illustrative scenario is US$77.700 per tonne.
These are planning assumptions rather than independently established market prices or confirmed transaction opportunities.
VI.4. Participation and Valuation Scenarios
At the 2026 entry price, one URKU has an indicative cost of US$9.777. Its scheduled December reference value is US$11.777, while the lower and higher conditional environmental valuation scenarios are US$19.777 and US$77.70.
For ten URKUs, the indicative entry cost is US$97.77. The corresponding scheduled reference value is US$117.77, compared with conditional environmental valuation scenarios of US$197.77 and US$777.00.
For one hundred URKUs, the entry cost is US$977.70. The scheduled reference value is US$1,177.70, while the lower and higher environmental valuation scenarios are US$1,977.70 and US$7,770.00.
For one thousand URKUs, the entry cost is US$9,777.00. The scheduled reference value is US$11,777.00, compared with conditional environmental valuation scenarios of US$19,777.00 and US$77,700.00.
For ten thousand URKUs, the entry cost is US$97,770.00. The scheduled reference value is US$117,770.00, while the lower and higher conditional environmental valuation scenarios are US$197,770.00 and US$777,000.00.
VI.5. Differences Between Scenario Values and Entry Costs
Relative to the 2026 entry price of US$9.777, the scheduled December reference price represents a difference of US$2.000 per unit, or 20.46%.
The lower environmental valuation scenario represents a difference of US$10.000 per unit, or 102.28% above entry cost.
The higher environmental valuation scenario represents a difference of US$67.923 per unit, or 694.72% above entry cost.
For a hypothetical participation of 10,000 URKUs, these differences correspond to US$20,000.00, US$100,000.00 and US$679,230.00, respectively.
These amounts are mathematical comparisons between assumed valuations and entry costs. They are not forecasts of earnings, realized profits, annual yields or guaranteed financial outcomes.
The scenarios are alternatives rather than cumulative stages of financial realization.
VI.6. Conditions for Financial Realization
Any actual financial transaction would depend on contractual rights, environmental compliance, successful conversion where applicable, market demand, liquidity, transaction costs and applicable taxes.
The existence of a scheduled reference price does not establish a secondary market, redemption obligation or guaranteed exit.
The financial scenarios are intended to support transparent discussion of assumptions, risks and potential project-development pathways.
IMPORTANT INFORMATION FOR PROSPECTIVE PARTICIPANTS
URKU is a developing environmental-finance initiative. Its participation categories, pricing schedules and valuation scenarios are indicative and do not constitute a public securities offering, an unconditional offer to sell or a promise of future financial performance.
Environmental estimates remain subject to technical assessment, independent validation, verification, registration, legal review and regulatory compliance.
The rights associated with URKU-B, any potential conversion into URKU-A, environmental claims, equity arrangements and governance participation must be defined in the applicable definitive documentation.
Prospective participants should assess the possibility of losing invested capital and obtain independent professional advice before making a financial decision.
The project-development figures, environmental estimates, productive assumptions and valuation scenarios should be examined through appropriate due diligence before any commitment is made.
RESEARCH AND PROFESSIONAL REFERENCES
Salazar-Córdova, R. F. (2006). Would You Marry “Mi País”? On the Economics of Global Corporate Citizenship: An Ecuadorean Perspective for Responsible Business Practitioners and an Economics Practitioner's Learning Portfolio. Research undertaken during the Chevening Fellowship at Nottingham University Business School, including a practical placement with Business in the Community.
Visser, W. (2008). CSR 2.0: The New Era of Corporate Sustainability and Responsibility. CSR International.
Visser, W. (2011). The DNA Model of CSR 2.0: Value Creation, Good Governance, Societal Contribution and Ecological Integrity.
Hurth, V., and Vrettos, A. (2021). Unleashing the Sustainable Business: How Purpose Transforms an Organisation. University of Cambridge Institute for Sustainability Leadership.
University of Cambridge Institute for Sustainability Leadership. Net Zero Business Transformation: A Framework for Accelerating Change in an Era of Turbulence and Complexity.
BioCarbon Standard. Applicable AFOLU methodologies, environmental safeguards and validation and verification requirements.
HELPING THE ANDES. INVESTING IN MAKING PEACE.
Three waves of globalisation. Seven annexes for informed participation. One invitation to help us keep helping.
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