Earth's natural resources are finite. These 19 hot startups want to keep oil and minerals in the ground.
ERS is part of a wave of new companies working to scale the voluntary carbon market, where carbon credits are bought and sold by people and businesses looking to offset their emissions. One carbon credit equates to one ton of carbon dioxide or equivalent removed from or prevented from entering the atmosphere.
ERS, an abbreviation of The Ecosystem Restoration Standard, is a certification for nature-based projects that yield carbon credits. The company specifically focuses on restoration work including the likes of in-land forests or mangroves, and uses digital monitoring, reporting and verification to increase transparency around the carbon credits generated.
The standard, which is currently undergoing public consultation, also looks at projects' impact on biodiversity and communities. McKinsey tipped the carbon markets to scale to $50 billion by 2030 but to get there, there are several challenges it needs to overcome. ERS' approach tackles a bevy of these issues, according to Sigona.
"We first need a rapid increase in the supply of verifiable high-quality projects. Planting trees is one of the most scalable solutions, but most projects that claim to do this are actually big monoculture plantations, agricultural 'green deserts' that fail to remove carbon or promote biodiversity," the LocalGlobe investor told Insider.
ERS accounts for biodiversity and livelihoods, he added. It also lowers the barriers to entry be providing a cheaper certification for smaller projects and enables faster certification, which should help increase supply of projects, he added. Cost and red tape are well-documented problems for project developers.
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