Wednesday, May 24, 2023
Recent developments with the funding of the Compensate Company have led to the unfortunate situation where the non-profit Compensate Foundation must announce the imminent shutdown of our App and monthly subscription compensation service, effective 31.5.2023.
Over the years, we have faced numerous challenges and hurdles and have always found innovative solutions to keep our service running. However, despite our best efforts, we have recently encountered significant financial difficulties that have made it unfeasible to sustain the service longer.
The Compensate Company had to
The decision to shut down our service was not taken lightly. We understand that this decision is contrary to what was communicated on April 28th in junction with the announcement of scaling down the operations of the Compensate Company. We want to assure all users of the App that we have exhausted all possible avenues before reaching this conclusion, but unfortunately, running the App without support from the Compensate Company became impossible.
The Compensate Foundation will process all compensation payments received until 31.5.2023 and allocate the funds to our carbon project portfolio accordingly.
Despite the Compensate Climate App shutting down, the Compensate Foundation will continue its non-profit work to reform the voluntary carbon market.
On behalf of everyone at the Compensate Foundation, I want to use this opportunity to express my heartfelt appreciation for our subscribers' incredible support in channeling an impressive 2.5 million euros into climate projects through the Compensate Climate Action App and monthly subscription service.
This climate action translates into 315 932 carbon credits retired and 147 836 tCO2 real climate impact established with Compensate’s unique overcompensation model. The impact is equivalent to 2 687 932 square meters of rainforest protected or 5 913 452 trees sequestering CO₂ all year round.
Your dedication and commitment to positively impacting our planet have been truly inspiring. Together, we have shown that even seemingly small actions can lead to extraordinary results.
Niklas Kaskeala Chairman of the Board Compensate Foundation