BUSINESS

TERRAFORMATION BIODIVERSITY-FOCUSED FOREST ACCELERATOR FIRST COHORT GRADUATES TO PHASE 2

10/11/2023 02:48 PM

KUALA LUMPUR, Nov 10 (Bernama) -- Terraformation, the global forestry company, announced the progression of its first cohort of the Seed to Carbon Forest Accelerator to Phase Two, enabling forestry teams to begin pilot projects and set up vital infrastructure, such as nurseries and seed banks.

Terraformation’s Accelerator is the world’s first biodiversity-focused, carbon-funded programme for forest creators globally, addressing the critical funding, tech, and skills gaps needed for biodiverse native restoration.

Its founder and chief executive officer, Yishan Wong said new forestry teams are needed immediately to fulfil the demand for biodiverse, high-quality carbon credits, creating a new generation of credits that exceed current standards of transparency.

“We are restoring trust in the market by conducting quality due diligence paired with on-the-ground forestry expertise to identify high-integrity projects that prioritise biodiversity, provide real benefits and establish climate equity for local communities,” he said in a statement.

Having completed the first phase of the Accelerator, which included feasibility studies to assess a project’s potential to grow into a full-scale carbon project as well as training in business operations, biodiversity, carbon markets, and forestry, the teams have now received additional support to move into Phase Two for a period of up to two years.

The three projects progressing to Phase Two of the Accelerator are Seawater Solutions; Fundación Grupo Argos; and Eco2Librium.

Additionally, the company is also launching two new cohorts into Phase One. Based in Southeast Asia, Cohort Two features six projects with a reforestation potential of nearly 23,000 hectares across mangroves, dryland, and peatland forests.

Meanwhile, Cohort Three is in preparation, with site visits by Terraformation’s forestry experts to meet its West and East Africa teams. An additional cohort featuring biodiverse native reforestation projects in Latin America is expected to be announced early next year for applications submitted by Nov 30.

The company is trialling a partnership with The Nature Conservancy Asia Pacific to provide capacity-building courses and access to specialised reforestation experts for forestry projects and local teams in Aotearoa New Zealand and Indonesia.

Terraformation has also formed a strategic partnership with the Forest Stewardship Council (FSC), the international nonprofit, multi-stakeholder organisation that promotes responsible management of the world's forests, to connect FSC’s network of forest managers and funders with new opportunities through its accelerator.

-- BERNAMA


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