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SHARM-EL-SHEIKH, Egypt, Nov. 16, 2022 (GLOBE NEWSWIRE) — SHARM-EL-SHEIKH, Egypt, November 16, 2022 | Verra, which operates the world’s largest greenhouse gas (GHG) accreditation program, and Pachama, a leading climate technology company, will pilot a digital measurement, reporting and verification (DMRV) platform that uses remote sensing to measure the forest carbon. This pilot marks a significant milestone in global efforts to increase efficiency, transparency and integrity in forest carbon projects.
Despite recent technological advances, PDF files, spreadsheets and manual measurements remain the key tools for measuring and verifying forest carbon credits. New digital platforms can automate and standardize the way data is collected, analyzed and validated, thereby maintaining objectivity, increasing transparency and dramatically reducing the cost and time associated with issuing new carbon credits – a significant challenge for today’s carbon market.
Earlier this year, Verra launched a digital MRV working group to develop protocols, guidelines, and frameworks for using third-party DMRV platforms in Verra’s Verified Carbon Standard (VCS) program. The Pachama pilot, a key outcome of the working group, is one of the first operational platforms of its kind and a critical first step in building a digital platform ecosystem that improves the efficiency and accuracy of MRV processes.
“This is the future of a more transparent and streamlined MRV,” said David Antonioli, CEO of Verra. “By piloting Pachama’s innovative technology and approach, we will gain valuable insights into how this and other DMRV platforms can be integrated into the VCS program to significantly improve the efficiency and scalability of carbon markets.”
“After four years of building our satellite data plus AI models to estimate forest carbon storage and deforestation risk, we have seen firsthand the power of these digital tools to automate and scale carbon credit,” said Diego Saez Gil, CEO of Pachama. “We are delighted to introduce tools to the carbon market that will provide standardised, high-integrity digital carbon accounting for nature-based projects at a fraction of the time and cost of traditional methods. In the near future, this could enable tens of thousands of landowners and project developers around the world to quickly access finance to protect and restore nature, all while ensuring strong additionality, permanence and auditability of the carbon credit. This is how we can achieve gigaton-level carbon sequestration and hundreds of millions of hectares of nature protection and restoration, which is what we need to address the urgent climate and biodiversity crises.”
The remote sensing pilot project is expected to start before the end of the year. The results of the pilot project will provide indications for future DMRV platforms in similar contexts.
About PachamaPachama is a technology company on a mission to restore nature to solve climate change. Leveraging the latest advances in satellite imagery, remote sensing and machine learning, Pachama assesses the carbon stored in our forests and tracks its growth over time. Pachama has two distinct paths to help brands meet their climate goals today and create long-term strategies for the future. Through our Marketplace, companies can invest in existing high-quality forest conservation and restoration projects that are vetted by Pachama’s rigorous assessment process. Through Pachama Originals, companies can start projects from scratch, making catalytic investments in the next generation of technology-enabled forest carbon projects.
About VerraVerra is a non-profit organization that operates the world’s leading carbon credit program, the Verified Carbon Standard (VCS) program. Verra is committed to reducing greenhouse gas emissions, improving livelihoods and protecting natural resources by partnering with the public and private sectors. We support climate action and sustainable development with standards, tools and programs that credibly, transparently and robustly assess environmental and social impacts and enable funding to support and scale up projects that verifiably deliver these benefits.
Contact details For Pachama: Yulu PR, [email protected], +1 604-558-1656 For Verra: Browning Environmental Communications, [email protected] Anne Thiel, Senior Manager, Communications, [email protected] [Washington, DC] Steve Zwick, Senior Manager, Media Relations, [email protected] [Sharm El-Sheikh]