Treeconomy wins £100,000 Sustainable Innovation Fund grant from Innovate UK
Treeconomy’s upcoming project will be co-funded by Innovate UK, the UK’s innovation agency, to develop their nature-based, carbon removal verification services.
Company News
Nov 30, 2020
Caspar Bossom
Treeconomy’s upcoming project will be co-funded by Innovate UK, the UK’s innovation agency, to develop our nature-based carbon removal services
We are very excited to announce that our project to further develop our nature-based carbon removal verification process has been awarded over £100,000 in funding from the Sustainable Innovation Fund by Innovate UK, the UK’s innovation agency. This project will take a technology-first approach to develop the necessary method for catalysing large-scale, verifiable, and high-quality afforestation for carbon capture. Using a mix of historical field data, drone-LiDAR surveys, and satellite imagery, we are developing a robust forest carbon measurement and monitoring solution. Our methodology will support the development of novel financial services to efficiently and responsibly scale afforestation, contributing to a green and sustainable economic recovery from the pandemic in the United Kingdom.
Innovate UK’s co-funding will enable Treeconomy to employ up to four new team members in 2021
This means we can expand with the necessary expertise to make our goal of increasing accuracy and measurability in the afforestation carbon offset market a reality. Currently, the UK is falling far short of its necessary target to plant 30,000ha of trees a year to support its 2050 Net Zero ambitions. This project, combined with Treeconomy’s existing project development expertise, will incentivise UK landowners to plant trees and receive potentially up to £200/ha per year, whilst mitigating climate change.
Innovate UK Executive Chair Dr. Ian Campbell said:
“In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy."
“Treeconomy, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.”
Treeconomy’s carbon removal verification development project will begin in January 2021. We are recruiting up to three ‘Technical Associates (Data Engineers)’ and one ‘Commercial Associate (Green Finance)’ for the duration of the project.
At Treeconomy we believe in the regenerative power of nature. We’re on a mission to combat climate change, restore ecosystems, and improve livelihoods. By embracing remote sensing technology and financial innovation, we are revolutionising the forest carbon offset industry and incentivising landowners to grow and conserve flourishing, climate-positive forests. Innovate UK
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. They connect businesses to partners, customers, and investors that can help them turn ideas into commercially successful products and services and business growth. They fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains, and UK regions. Innovate UK is part of UK Research and Innovation.
For more information on the Sustainable Innovation Fund visit here or see Innovate UK.
