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Likvidi, a sustainable finance company, has made a strategic investment in and partnered with Albo Climate, to create Veriforest, a new registry for forest-based projects which will enable small and medium sized projects to participate in the voluntary carbon markets. By combining blockchain with Albo’s satellite and AI capabilities, Veriforest can accurately monitor the carbon sequestration/production of forestland which will make carbon credits more tangible than ever before.
Existing methods estimating the amount of carbon stored in a given ecosystem are often prohibitively expensive or inaccurate, which can lead to projects overlapping and being double-accounted. Moreover forestry projects can be affected by illegal logging, forest fires, or project disintegration which degrade the value of associated credits over time.
Israeli startup Albo Climate has created a revolutionary technology for the estimation of carbon stocks and sequestration. Its AI technology applies proprietary Deep Learning algorithms to analyse satellite imagery and validate carbon credits for forestry projects anywhere in the world. Satellite-mounted sensors are able to scan vegetation and pick up information not visible to the naked eye.
Albo Climate CEO Dr. Jacques Amselem said: “It’s a pleasure to work with our fellow passionate technologists at Likvidi and to be able to bring our satellite imagery analysis products to enhance the Veriforest solution that Likvidi is building. We look forward to years of partnership ahead.”
By using AI in conjunction with ground truth datasets, Albo’s technology can produce an in-depth profile of carbon storage over a huge area. The analysis has applications for both small and large scale projects, as it produces data down to a 10m x 10m scale.
Veriforest will form an end-to-end solution, issuing tokenized carbon credits for offset to individuals and companies.
The new partnership means that forested areas can now be quickly and accurately assessed for carbon storage and credit issuance and logged in the Veriforest registry. The Veriforest solution can scale to meet the massive demand for measurements of carbon-related data and can bring carbon credits to market faster than existing lead times, by up to two years.
Likvidi CEO Ransu Salovaara commented: “Veriforest takes us closer to the end-to-end solution our customers are demanding. By partnering with Albo, we can accurately calculate the carbon sequestered by the areas of forestry at the token supply end, allowing companies to be confident in the amount of carbon they are offsetting via our tokens. For land stewards and carbon entrepreneurs, this platform is a true game changer as we will also be by bringing in a very innovative financing model for these projects based on our learnings from financial markets, crypto and crowdfunding.”
