Verra and Pachama introduce cutting-edge digital measurement, reporting, and verification pilot for nature-based solutions, increasing the transparency, integrity, and efficiency of carbon credit issuance
SHARM-EL-SHEIKH, Egypt, 16 November 2022 | Verra, which operates the world’s largest greenhouse gas (GHG) crediting program, and leading climate-tech company Pachama will pilot a digital measuring, reporting, and verification (DMRV) platform harnessing remote-sensing to measure forest carbon. This pilot marks a significant milestone in global efforts to increase efficiency, transparency, and integrity in forest carbon projects.
Despite recent technological advancements, PDF files, spreadsheets, and hand-based measurements remain the core tools for measuring and verifying forest carbon credits. New digital platforms can automate and standardize how data is collected, analyzed, and validated, thereby maintaining objectivity, increasing transparency, and dramatically reducing the costs 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, guidance, and frameworks for the use of 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 this type and a critical first step in building an ecosystem of digital platforms that improves efficiency and accuracy of MRV processes.
“This is the future of a more transparent and streamlined MRV,” said David Antonioli, Chief Executive Officer 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 enhance 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’ve seen first hand the power of these digital tools to automate and scale carbon crediting,” said Diego Saez Gil, CEO of Pachama. “We’re delighted to introduce tools to the carbon market that will deliver standardized, 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 allow tens of thousands of landowners and project proponents worldwide to rapidly access finance to protect and restore nature, all while ensuring strong additionality, permanence and verifiability of the carbon credited. This is the way that we can achieve gigatonne level carbon sequestration and the protection and restoration of nature in the hundreds of millions of hectares, which is what we need to address the urgent climate and biodiversity crises.”
The remote sensing pilot is set to begin before the end of the year. Findings from the pilot will inform guidance for future DMRV platforms in similar contexts.
Verra is a nonprofit organization that runs the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program. Verra is committed to help reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public 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 for sustaining and scaling up projects that verifiably deliver these benefits.
Pachama is a technology company on a mission to restore nature to solve climate change. Harnessing the latest advancements in satellite imagery, remote sensing, and machine learning, Pachama evaluates the carbon stored in our forests and monitors forest growth over time. Pachama has two distinct pathways to help brands meet their climate targets today and create long-term strategies for the future. Through our Marketplace, companies can invest in existing high-quality forest conservation and restoration projects vetted by Pachama’s rigorous evaluation process. Through Pachama Originals, companies can start projects from the ground up, making catalytic investments in the next generation of tech-enabled forest carbon projects.