CARBON OFFSETTING UNLOCKING THE HIDDEN VALUE OF
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UNLOCKING THE HIDDEN VALUE OF CARBON OFFSETTING Cookstove project, Cambodia
INTRODUCTION
As businesses
increasingly take steps
to reduce their carbon
footprint and consider
their overall impact
on the environment,
leading new research
shows that carbon offset
programmes deliver
substantially more
benefits than expected –
bringing value that might
previously have been
hidden.
For many years there has been
anecdotal evidence that investing
in a carbon offset programme
delivers a wide range of positive
social and economic benefits
beyond just carbon reduction.
Cookstove project
Now, new academic research conservation, investment in local As organisations realise the value carbon reductions that will unlock
economies, technology transfer, local of material carbon management hidden value for your business, our
shows that every tonne of infrastructure and training, and positive strategies, and consumers, customers environment and communities around
CO2 offset not only funds impacts on water resources. and staff increasingly expect business the world.
GHG reductions, but can to demonstrate their commitment
Furthermore, the research shows that to tackling climate change, reducing Visit www.icroa.org to find a list of
deliver up to a staggering environmental impact and supporting
there are a number of benefits for accredited offset providers.
$664 in additional economic, your business too. As well as helping communities, a strategy that includes
UNLOCKING THE HIDDEN VALUE OF
social and environmental meet your environmental targets, an offsetting is a cost-effective approach Read on to find out more about
benefits. offset programme can improve staff CARBON OFFSETTING
delivering several important benefits. Imperial College London University’s
and community engagement, increase evidence-based research.
The benefits to communities market differentiation, and stimulate Choosing to offset through an
around the globe include job new resource efficiency efforts (and accredited ICROA member will
An Imperial College University Study shows that for every
creation, household savings, savings). Plus it’s increasingly important ensure that your investment 1 tonne of C02 emission removed from the atmosphere through
health benefits, environmental to winning new tenders/business. delivers independently-verifieda carbon offset programme - a further value of US$664* dollars
is delivered in economic, social and environmental benefits for
local communities around the world.
$3 $52
Economic
Fuel savings
benefit
FOR EVERY
1 TONNE
OF CARBON
REDUCTION
¢56 $609
Skills & Jobs Environmental
TOTAL $664
above and beyond
carbon reduction
Reforestation project
Unlocking the hidden value of carbon offsetting 3
THE CHALLENGE
Leading businesses that About ICROA and Imperial College Secretariat, Andrea Abrahams, BP • Envirofit International
London University TargetNeutral and Laure Fievet, ICROA
follow best practice and Secretariat. With special thanks to • The Paradigm Project
The International Carbon Reduction
offset their carbon emissions and Offset Alliance (ICROA) is Imperial College London Teams, all
• Face the Future
as part of a broader carbon a global non-for profit housed ICROA member companies especially
Rebecca Fay, The CarbonNeutral
management strategy, within the International Emissions
Company, Rhiannon Szmigielski,
• South Pole Carbon Ltd
Trading Association. Its members
experience business benefits provide carbon reduction and Climate Care, Nadine Planzer, Climate • Green Resources AS
and see additional value offset services across the world to Neutral Group, Mike Tournier and Junio
Palomba at Climate Friendly. • Offsetters Climate Solutions Inc
from the carbon reduction 1000s of organisations including
household brands and multinationals
projects they support. supporting the reduction of global ICROA would like to extend a big thank • Infinite Earth Limited
emissions towards the goal of avoiding you to the project developers that • Pacific Forest Trust
However, to date, there dangerous climate change impacts. contributed to this research including:
has been little research to • Biofilica Environmental Investments
The primary aim of ICROA is to promote • E+Carbon, LLC
understand and measure • Hivos
best practices in carbon management
this value. and offsetting. ICROA keeps abreast of
• Carbon Clear Ltd
• Conservation international
the latest developments within carbon • DelAgua Health
The International Carbon Reduction and management and the carbon markets to • And the 75 corporates that
Offset Alliance (ICROA) and Imperial ensure its members adhere to the best • First Climate Markets AG participated and provided valuable
College London University (Imperial), possible practices in the industry. All insights.
globally recognised for environmental ICROA member companies follow and • Nexus Carbon for Development
economics and valuation, set about to publicly report against the ICROA Code ICROA aims to:
research the socio-economic impacts of Best Practice, which provides specific • Clean Air Action Corporation
of the voluntary carbon market and requirements for the manner in which
• Climate Bridge Ltd. > Support fast, global emissions
gather evidence on the value and ICROA members provide their carbon reductions by promoting a
impacts of carbon offsetting – beyond footprinting, greenhouse gas reduction • Emergent Ventures International responsible “reduce and offset”
emissions reductions. advice and offset services. ICROA ensure approach to carbon management
members are annually third party audited • Sustainable Carbon Climate by businesses and individuals.
The research, finalised in May 2014, to ensure the quality of their services. Solutions
reveals that carbon offsetting
> Promote credibility and high standards
delivers both business benefits to We extend our thanks to all the project • Bosques Amazonicos SAC
in carbon management and voluntary
the participating organisations, and participants, academics, businesses
• Camco Clean Energy carbon offsetting, through widespread
up to $664 worth of environmental, and project developers that took part adherence to and promotion of the
social and economic benefit. This is in in this research. • Wildlife Works ICROA Code of Best Practice.
addition to the carbon reduction for
every tonne of CO 2 that is offset. Acknowledgments • Impact Carbon > Provide a credible, influential and
The team that supported this research consistent voice on carbon reduction
• EcoAct
was led by Sophy Greenhalgh, IETA
Unlocking the hidden value of carbon offsetting 4THE CHALLENGE
strategies, products and services The Centre integrates the College’s
and raise the profile of the voluntary outstanding science and technology
carbon market. research with a leading team of social
and policy scientists, creating exciting
> Enable bold carbon management interdisciplinary research programmes.
strategies to be integrated profitably More specifically, the centre has a
into business. longstanding background in economic
environmental valuation – the process
> Commit to shared learning, of placing monetary values on
transparency and continuous environmental impacts – delivering
improvement. work for UK Department of Energy
and Climate Change, UK Department
> Engage with governments and for Environment, Food and Rural
other key stakeholders on voluntary Affairs and the European Commission.
carbon market issues to help ensure
that best practice becomes the norm The team that conducted the research
in the voluntary carbon market. was lead by Dr Zen Makuck, Dr Ioannis
Kountouris and Ms E Feng Tan Loh.
Imperial College London University–
Centre for Environmental Policy (CEP)
Imperial College London is a research
university located in London, United
Kingdom, which houses The Centre
for Environmental Policy (CEP).
The Centre produces internationally-
recognised research and teaching
that addresses key environmental
and global policy challenges through
the interdisciplinary study of science,
technology and innovation.Staff
within CEP include climate change
researchers, energy policy researchers,
economists, engineers and ecosystems
services researchers who work
with firms in the following sectors:
oil and gas, mining, water, waste,
environmental services, and strategic
advisory services. Schoolchild with filter
Unlocking the hidden value of carbon offsetting 5THE RESEARCH In 2013, ICROA and Imperial conducted a research study into the socio-economic impacts of the voluntary carbon market1. The study had two objectives: Part (1) To identify the motivations of businesses participating in voluntary carbon offsetting and to categorise the benefits they receive Part (2) To quantify the social, economic and environmental benefits delivered by voluntary carbon offset projects that are in addition to the carbon reductions they achieve (“co-benefits”) 1 Term used to describe the sector responsible for the production and life cycle of a carbon credit from conception through to retirement in an independent registry to ensure 1 tonne of C02e is removed from the earth’s atmosphere. Reforestation project
For businesses to achieve significant Sample description:
emissions reductions, they need a The majority of the respondents
comprehensive carbon management are businesses in the private sector
plan, which combines internal operating in Europe, Australia and North
reductions with a carbon offset America, in line with the current market,
programme. and cover a variety of sectors: finance/
insurance sector; transportation/
There are many changes companies tourism; professional/administrative
can make to internal processes, services; information/communication;
behaviour and facilities to reduce electricity/energy; manufacturing;
their carbon emissions. However, construction; wholesale; government;
carbon emissions cannot be reduced paper and printing; education; chemical;
completely due to capital restraints textile and leather; waste management;
and restrictions in technology. Carbon water; art/entertainment; sport
offsets can enable businesses to take governance/events.
full responsibility for their residual
carbon emissions immediately, rapidly All businesses that participated have
reducing global emissions at scale and a comprehensive internal carbon
helping tackle climate change. Carbon management strategy and many
offsets also provide a critical source companies have in-house sustainability
of finance for renewable energy and or environmental departments. The
other emissions reducing and resource respondents interviewed were senior
Reforestation project, Africa conservation projects around the world. leaders, such as manager or director
in a CSR, sustainability or environment
Part 1: What are the business Imperial surveyed 72 businesses to related position. As a result, Imperial
gather insights on motivations and deem them to have sufficient
benefits of carbon offsetting barriers encountered to participating knowledge to answer the questions
and why do organisations in offset programmes, as well as and that their responses are credible.
choose to do it? collecting tangible benefits the
businesses had experienced. The Methodology & data collection
Many leading businesses already results offer useful insight into their To identify and categorise the benefits to
motivations, impacts, tangible benefits business, a comprehensive literature review was
participate in offset programmes and completed and a survey designed. The survey
this research draws on their experience and challenges that will benefit other went through extensive consultation with ICROA
to make a clear business case for businesses who wish to demonstrate members including a pre-test undertaken.
action and help other organisations their commitment to managing their The surveys were completed through phone
interviews by ICROA members with their
to understand the value to reputation, environmental impact and supporting customers and by Imperial to the Climate
employee engagement and market communities. Leaders Index of the Carbon Disclosure
Project. Non-buyers of offsets which held a
differentiation brought from carbon comprehensive internal carbon management
Run-of-river hydro project, India offset strategies. plan were also approached to ensure balanced
analysis is presented.
Unlocking the hidden value of carbon offsetting 7IT
BUILD Y G
MISSIO
ING AIR E
THE RESULTS
PLUS
a number of offset buyers have highlighted the following business benefits:
Figure 1: Motivations to offset Carbon offsetting delivers “Many of our larger customers
tangible business benefits are seeing it as a real benefit,
it further strengthens our
REPUTATION / BRAND IMAGE 67% Reputation/brand image, employee
engagement and market differentiation environmental credentials
EMPLOYEE ENGAGEMENT 48%
are ranked as the three primary and proves that what we
motivations for offsetting by buyers.
do take action to minimise
67% of respondents have reported
MARKET DIFFERENTIATION 47% positive and tangible business benefits our environmental impact.
from their voluntary offset programme, We have also secured one
PHILANTHROPY 37% despite the fact techniques to measure
and quantify these are still at an early
contract solely because of
stage. Those benefits range from our offsetting commitment,
EFFICIENCY 15% reductions in energy consumption so there will be financial
and costs, to market differentiation,
SUPPLY CHAIN MANAGEMENT 4% winning new business and client benefits that can be
retention, to employee engagement. measured.”
“Offsets offer us an “Brings a greater level of
alternative to making transparency to our supply
reductions in the most chain and incentivises
cost-effective way possible. improvements.”
We have implemented
new technologies and “Our offset program
new processes to increase caught the imagination of
efficiencies, but doing more employees. Unexpected, but
may not be the most cost- good. It became easier to
effective route. This is where communicate sustainability
offsets become our next messages and get buy in
viable option.” to reduction measures. It
helped change behaviours.”
Click here to download your essential guide to carbon offsetting
Unlock this hidden value by offsetting your
carbon footprint
Unlocking through
the hidden value of an accredited
carbon offsetting 8
ICROA member.THE RESULTS
Table 1: Offsetting Benefits Ranked by Offset Buyers
Benefits Potential quantification/indicators
Tax credits
Most
tangible Energy/cost reduction Reduction in energy consumption
Cheaper than in-house abatement or purchasing green energy certificates
Number and value of tenders that ask about commitment to emission reduction
Winning/answering tender
Number and value of contracts that state the requirement of carbon offsetting
Customer’s preference
Market differentiation Price premium
Volume of green products sold
Employee survey
Employee engagement Number of events hosted and turnout
Number of visits to the company’s intranet site
Sustainability related reputation indices and rankings
Least Brand recognition
tangible News coverage
Unlocking the hidden value of carbon offsetting 9THE RESULTS
Relevance and co-benefits
deliver value to business
When buyers were asked what factors
drive their preferences for certain
offset types, relevance to business and
co-benefits were the two most cited
factors. These drivers were particularly
of value to buyers who are looking to
build reputation and brand image and to
differentiate themselves in their markets.
However, the research also revealed a
potential gap in buyers’ preferences
and what is available, with 82% of
respondents saying they would like to
see more quantification and valuation
of co-benefits. Respondents felt that
this information would help their
communications with customers and
employees, promote transparency
and understanding of their return on
investment and help build the business
case for offsetting.
Significantly, buyers also indicated a
willingness to pay up to 33% more per Reforestation project
tonne of CO2 for projects with verified
social, economic and environmental
co-benefits, drawing upon the value Selecting the right project to Purchasing carbon offsets through As expected, most businesses set a
co-benefits from carbon offset members of ICROA, who are budget for their offset programmes
offset your emissions is key committed to following a Code of and will seek the most cost-effective
programmes can deliver for the
business. Specifically, through a choice Best Practice, ensures buyers can options to meet their goals. However,
Although relevance to business and
experiment that was included in the confidently select projects which meet as demonstrated above, many are
co-benefits are important selection
research, social co-benefits were valued the essential quality criteria to ensure willing to pay a premium for the
criteria for buyers when choosing
the highest of the three types, followed project registration procedures are additional values a project can deliver
offset projects, project registration
by economic, with environmental co- followed and issuance risk is reduced. with verified co-benefits.
and issuance risk and carbon price
benefits ranked third. continue to be leading decision-
making criteria.
Unlocking the hidden value of carbon offsetting 10Part 2: Quantifying the American Carbon Registry (ACR), Clean Co-benefits are organised under
Development Mechanism (CDM), Joint the three pillars of sustainability:
social, economic and Implementation (JI), Climate Action
environmental benefits that Reserve (CAR), Gold Standard (GS) and
projects deliver Verified Carbon Standard (VCS), Social
Standards – Climate, Commmunity &
Biodiversity Alliance CCBA and Social
Economic
The first part of the research set
out to identify the direct benefits Carbon Standard SCS, where verified
experienced by businesses that along with carbon standards.
offset their carbon emissions. In Part
2 we expand on the measurement, A significant number of co-benefits
quantification and monetisation were identified in the research process.
of co-benefits transferred to local The list of co-benefits collected for Social
communities and the environment this study is therefore by no means
where the project is being developed. exhaustive and we have not listed
all benefits.
Improved quantification of co-benefits
from these projects will enable The analysis has been conducted using
businesses to make the links to their Run-of-river hydro project, India project type, location and volume Environmental
strategic objectives and goals, such of emission reductions to normalise
as building reputation/brand image, the co-benefits delivered against the
employee engagement and market sample size. Where quantified data
differentiation, and consequently, to and economic methodology valuations
were available, co-benefits have Sample description
reap the full spectrum of benefits and
value associated with carbon offsetting. been monetised. The sample portfolio generates around
32 million tonnes of CO2 (MtCO2)
Methodology Each method for valuing co-benefits emission reductions per year and around
is presented in Table 2 (page 14). The 836 MtCO2 reduction over the project’s
To quantify – and where possible
monetary value of co-benefits has lifetimes. In 2012, the total volume of
monetise – co-benefits from offset
been aggregated across the portfolio voluntary offsets transacted was 101
projects, a survey was developed
and normalised by the (annual or total) million tCO2 (Peters-Stanley et al., 2013).
for project developers of voluntary
tonnes CO 2 generated to arrive at the The sample portfolio’s annual tCO2
retailed projects. The survey design
co-benefit $ per tonne CO 2value. This generation corresponds to 32% of the
was informed by academic and
is indicative of our sample only and transacted volume in 2012.
industry literature reviews, analysis of
helps to demonstrate the kind of value
internationally recognised sustainability
delivered from offset projects. It is by
standards, and industry expert
no means exhaustive of the full market
consultation with 13 organisations. Only
and we aim to develop and extend this
voluntary market projects using ICROA
information for further, more detailed,
endorsed standards were included: Run-of-river hydro project, India
analysis and research in future.
Unlocking the hidden value of carbon offsetting 11The sample characteristics are described below:
Figure 2: 56% of the projects are forestry/land use projects, followed by household Figure 3: 56% of the projects are located in Africa, followed by Asia (24%), Latin
device distribution projects (32%), energy efficiency/ fuel switch projects (7%) and America (17%) and North America (3%). 83% of the projects are certified by
renewable projects (5%). social standards in addition to carbon accounting standards, such as the Climate,
Community & Biodiversity (CCB), GS and Social Carbon (SC).
5% Water purification 17% Latin America 3% North America
3% Wind
2% Run-of-river hydro 34% Afforestation/
reforestation
19% REDD/
avoided
conversion
3% Improved
forest
management
24% Asia 56% Africa
8% Domestic biogas 7% Biomass
2% Clean cookstoves
& water purification 17% Clean cookstoves
Our figures have all been calculated conservatively using the data collected from
respondents. Individual limitations on data are outlined in Table 2, found on page 14.
Unlocking the hidden value of carbon offsetting 12THE RESULTS
Total benefits per tonne from 59 surveyed projects
$3 C56 $52 $609 $664
Econonomic
Skills & Jobs fuel savings environmental TOTAL
benefit
Economic Social Economic Environmental Total
The projects are estimated to To-date, the projects Assuming the household Projects that conserve natural Using this research as
contribute around US$110.4 contributed around device distribution projects ecosystems are estimated
million to local economy US$725,000 to local meet their targeted number of to generate around US$16 a base, we determined
during development stage infrastructure and services, households (1.9 million), they billion of ecosystem benefits that offsetting
and a further US$78.7 million such as education, healthcare, are estimated to generate per year. Whilst the lands 1 tonne of CO2 delivers
per year of operation through transport systems and micro- around US$2.8 billion of are conserved for carbon
local employment and financing local projects: Per household savings: around sequestration, they also deliver
benefits totalling
sourcing local services and tonne of CO2, US$0.007 is US$52 per tonne of CO 2 . other ecosystem services $664
material: US$2,600 per 1,000 spent on local infrastructure such as soil protection, water
tonnes of CO 2 to the local development. regulation, and biodiversity
economy. conservation: every tonne of
The projects collectively train CO2 generates around US$609
around 211,310 local people of ecosystem benefits.
in administration, with
technical skills, or in health
& safety or environmental/
community issues: Around
2 people are trained per
1000 tonnes of CO 2 .
Unlocking the hidden value of carbon offsetting 13THE RESULTS
Table 2: Breaking down the quantified co-benefits2 delivered from Carbon Offset Projects
The table below summarises the co-benefits of the studied projects.
Quantification of co-benefits3
Co-benefits Quantification Valuation Per tCO 21 Method
Employment creation (48)
Based on the number of jobs generated multiplied
by the country’s minimum wage. Normalised
Development 1,467 jobs created US$*2.6 million US$0.003 by total tonnes CO 2 for development stage and
annual tonnes CO 2 for operational stage. Project
development was assumed to take a year
Operation (per year) 8,042 jobs created US$*17.9 million US$0.559
Sourcing local material
and services (13)
Total spending on local material and services,
normalised by the total tonnes of CO 2 for
Development US$58,327,800 US$*107.8 million US$0.129
development stage and annual tonnes of CO 2 for
operational stage
Operation (per year) US$38,230,000 US$*60.8 million US$1.895
2
We refer to the additional benefits a project delivers beyond carbon reduction as “co-benefits” 3
The response rate differs across questions as some are irrelevant to the specific project or due to limited
information available to respondents at the time of the survey. The sample size is indicated in the findings
by stating the number of projects in parentheses. US$ are the values as reported by survey respondents,
and US$* are adjusted values according to Purchasing Power Parity (PPP) .
N.B, this is a sample of the voluntary market projects and by no means represents the full value of the
market. We hope in due course to evaluate the broader market but in the meantime aim to demonstrate
the further value being delivered through carbon offset projects our members are retailing.
Unlocking the hidden value of carbon offsetting 14THE RESULTS
Table 2: Breaking down the quantified co-benefits delivered from Carbon Offset Projects (continued)
Co-benefits Quantification Valuation Per tCO 21 Method
Household savings (13)
Time savings is converted to potential income
generation by multiplying 25% of the time saved with
Fuel saving US$ 148 per household per year 278 US$* per household per year shadow wage.
The projects collectively target 1,912,932 households.
US$52 Assuming 273,276 devices are disseminated
annually (1,912,932 over 7-year crediting period), the
accumulated saving is calculated as around US$*2.8
Time saving 10 hours per household per week 87 US$* per household per year billion. The figure is normalised by the total tonnes of
CO 2 generated from household device projects (53
million tonnes of CO 2).
Number of people trained on the project, including
project staff, contractors and local community,
Capacity building (41) 211,310 people trained to-date US$0.002
normalised by tonnes CO2 generated to-date (109
million tonnes of CO2 pro-rata).
Projects’ expenditures on local infrastructure and
Infrastructure
US$ 725,000 contributed to-date US$0.007 services, normalised by tonnes CO2 generated to-date
development (5)
(109 million tonnes of CO2 pro-rata).
Based on the area conserved multiply by TEEB2
US$16 billion of ecosystem derived indicative value of ecosystem benefits per
Ecosystem benefits/ 2,802,520 ha of natural habitat
benefits per year (including US$608.668 ha of ecosystem type, normalised by the annual CO 2
biodiversity (19) conserved
carbon sequestration) tonnage generated by projects that conserve land
(26 million tonnes of CO 2).
4
The valuation methods are simplified to provide values of the co-benefits per tonne of C02 generated 5
TEEB – The Economics of Ecosystems and Biodiversity (TEEB) has undertaken a number of case studies
from the sample portfolio to estimate the annual ecosystem benefits from different ecosystems/biomes.
The use of benefit transfer technique offers a useful approach but if applied indiscriminately without
taking into account the differences between projects could lead to the wrong conclusions.
Therefore, the ecosystem benefits derived in this study using TEEB’s estimates should be considered
with caution.
Unlocking the hidden value of carbon offsetting 15THE RESULTS
During the study, we were
also able to quantify other
significant benefits. For
the scope of this research
we have not monetised
these benefits but included
them as indicators to
further value. As the
research programme
progresses we will be able
to analyse these additional
benefits further.
> Technology transfer – 64% of the > Improved public health – Efficient > Air quality – 32% of the projects > Water resource – 30% of the
projects involve using technology household devices promoted by have a positive contribution to projects have positive impacts
that is new to the region. The new the projects have the potential local air quality. However, there is on local water resources through
technology is imported either from to reduce 40-100% of indoor air a lack of quantitative information reducing water pollutions. As in
another country or another region pollutant concentrations, thus on the extent of the claimed the case of air quality, there is a
within the project country, and can reducing indoor smoke related positive impact. The actual benefit lack of quantitative information.
be maintained in the long-term by illness. Less time spent in poor health of air pollution reduction could Therefore, the monetised benefit
the local workforce. means the household members have be estimated using the social cost of improving local water resource
more time for income generating for each pollutant, however in the could not be estimated.
activities, education or recreation. In absence of quantitative information,
addition, reduced illness also saves this has not been carried out in
household medical costs and cost to this study.
public health systems.
Unlocking the hidden value of carbon offsetting 16CONCLUSION
Increasingly, businesses brought about through offset
programmes, our goal is to provide a
are considering their clearer picture and food for thought
carbon management on the value of integrating offsetting
activities as part of their as part of businesses’ sustainability
strategies. And therefore to help
broader sustainability those strategies build reputation
programmes, covering and brand, engage employees and
total environmental differentiate in the marketplace, in
impact, citizenship and addition to delivering essential global
carbon emission reductions.
supply chain resilience.
We aim to build upon this study over
Carbon offsetting offers companies time in order to further demonstrate
the opportunity to align their the value that offsetting
carbon reduction approach with programmes bring to business and
other corporate priorities. But, to encourage both project developers
do that requires offset projects and businesses participating in
to demonstrate the non-carbon offset programmes to take part in
benefits they are delivering and to our continued research efforts.
place a value on those co-benefits.
For further information and
With $664 of additional value enquiries please contact
for every one tonne of CO 2 , the secretariat@icroa.org
additional social, economic and
environmental value of carbon- By building the value case for
offset projects is clear. integrating offsetting into business, we
hope to initiate further voluntary action
From training to job creation, on carbon mitigation by business.
fuel savings to time savings,
infrastructure development to For further information and to see
ecosystem conservation, the how your business can unlock the
benefits extend to communities hidden value of offsetting, visit
and economies around the globe. www.ICROA.org
By setting out the academic
evidence based on the benefits
Cookstove project, CambodiaTo find out more, go to: www.ICROA.org Design by graphic design agency Workbrands
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