Tuesday, June 16, 2020
As you know, our mission at Compensate is to continuously search for the most efficient and sustainable ways of removing excess CO2 from the atmosphere.
There are many ways to do just that! Protecting forests and planting trees is already familiar as a method to many. The potential of forest based solutions is pretty impressive too: If done at large scale, afforestation and protecting existing forests will help us limit global warming to 1.5 degrees, when paired with radical cuts to our emissions.
But there are other ways out there to capture carbon. These methods and technologies need to be scaled up for us to be able to reach our climate targets. These include nature based solutions like soil carbon, blue carbon (underwater carbon capture), or more technological approaches like negative emission products or processes, as well as direct air capture and storage of CO2 with machines.
Sounds like the future, maybe.
But many of these new technologies are being developed as we speak.
Many of these new innovative technologies are being developed in pilot projects in Finland and around the world. Some of the projects have come so far that they are already creating and selling verified carbon credits.
Compensate wants to incentivize the development and market access of these new technologies. They have vast potential in helping us solve the climate crisis.
Beginning in June, we will start allocating 20% of all carbon credit purchases to these innovative solutions.
All of these new methods and projects do not yet meet the strict criteria that we use to evaluate the more traditional, forest based projects.
However, knowing the many limitations of more traditional projects, we feel that it's time to push the market forwards to adopt new innovative and scalable solutions to removing CO2 from the atmosphere.
Getting involved in these projects also allows us to work closely with the project developers to solve whatever remaining climate integrity issues they might have.
To our partners, these innovative solutions in our larger portfolio will give you access to modern technologies that would otherwise remain quite expensive for an individual buyer. Our unique portfolio approach allows mixing of a wide range of projects with different prices.
To our subscribers, these innovative solutions will mean that your compensation payment not only delivers climate impact, but also supports modern solutions to climate change.
This new approach will not compromise our climate integrity or promise of doubling climate impact. Many projects in our portfolio will still be heavily overcompensated to guarantee true climate impact.