- First Asia-Pacific cohort launches four projects across the Philippines and Indonesia, which include providing forestry training for The Nature Conservancy Asia projects in Aotearoa New Zealand, and Indonesia
- The inaugural cohort in Terraformation’s Accelerator graduates to Phase 2, backed by $1.1M to develop into full-scale carbon projects
WAIMEA, Hawaii–(BUSINESS WIRE)–Nov. 09, 2023
Terraformation, the global forestry company founded by former Reddit CEO Yishan Wong, announces the progression of its first cohort of the Seed to Carbon Forest Accelerator to Phase 2, 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 program for forest creators across the globe, addressing the critical funding, tech, and skills gaps needed for biodiverse native restoration.
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Terraformation’s biodiversity-focused forest accelerator gains momentum as the first cohort scales its operations and two more cohorts confirmed (Photo: Business Wire)
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 2 for a period of up to two years. During this phase, forestry teams are filing a Project Design Document (PDD) with carbon registries and preparing for forward carbon sales in addition to monitoring carbon data and social impact for their native forest restoration projects. Terraformation will work with the forestry teams to establish future revenue streams, such as high-quality verified carbon credits and other sustainable business models, as they move into the final phase of the Accelerator.
The three projects progressing to Phase 2 of the Accelerator are:
- Seawater Solutions: This mangrove restoration project in Ghana will restore over 2,000 hectares of mangroves on degraded Ramsar wetland, reducing risks of flooding and soil erosion while providing sustainable livelihoods in regenerative aquaculture, agriculture, and apiculture. The project will deliver income to the landowners and benefits for local communities.
- Fundación Grupo Argos: The project works with small and medium-sized private landowners in Colombia to restore 1,150 hectares of tropical montane forests with a focus on biodiversity and carbon capture, develop agroforestry activities to improve the connectivity between existing forests, and upgrade local community watershed management.
- Eco2Librium: This project aims to restore 45 native species (including several that are rare, threatened and, endemic to the area) in the Kakamega Forest – one of the most biodiverse areas in East Africa and a rare remnant of the once extensive Guineo-Congolian rainforest belt. The project’s benefits include creating 500+ jobs, primarily for women, and local education programs.
Two new cohorts launching into Phase 1
Terraformation is also launching two new cohorts into Phase 1. Based in Southeast Asia, Cohort 2 features six projects with a reforestation potential of nearly 23,000 hectares across mangroves, dryland, and peatland forests. Cohort 3 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 November 30, 2023.
Access to training continues to be one of the bottlenecks facing global forestry teams. As a result, Terraformation 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’s first-of-its-kind Seed to Carbon Forest Accelerator was launched last year to address the need for thousands of new reforestation teams to capture carbon at scale and limit the impacts of climate change. The Accelerator program provides forestry teams with much-needed early-stage financing, training in resilient native ecosystem restoration, and a suite of tools to increase project transparency during the most critical stages of biodiverse forestry projects.
Yishan Wong, founder and CEO of Terraformation, 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’re 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.”
New partnerships offer increased resources and reach
The Accelerator news comes as Terraformation hits several business milestones. The company was recently recognized as a technical partner by AFR100, an initiative from the African Union, World Resources Institute, German government, and World Bank to restore 100 million hectares of deforested and degraded landscapes across Africa by 2030.
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. This partnership will connect FSC’s network of forest managers and funders with new opportunities through Terraformation’s accelerator.
Dedicated to restoring the world’s forests to stabilise our climate, revive ecosystems, and build thriving communities, Terraformation and Restor, an open-data spatial mapping platform for individuals and organizations working with nature, have partnered to enhance users’ experience to improve access to forestry funding with the largest online restoration and conservation community. Forestry teams on Restor’s global platform can now use their existing project profile to begin the application process for Terraformation’s Seed to Carbon Forest Accelerator more easily. Combining Restor’s cutting-edge data and collaboration tools with Terraformation’s forestry expertise is how the next generation of forestry projects will be empowered to scale.”
Tom Elliot, CEO of Restor, said: “Restoration is about creating the conditions for people and nature to thrive together. We’re proud to bring Terraformation’s Seed to Carbon Forest Accelerator to the restoration community. By combining Restor’s cutting-edge transparency and collaboration tools with Terraformation’s forestry expertise, we’re creating opportunities for the next generation of projects to create impact at scale.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20231109230487/en/
Contact:
Seb Leman/Ella Hatfield
Headland Consultancy
SLeman@headlandconsultancy.com
ehatfield@headlandconsultancy.com
Angela Jo Tu
Head of PR & Brand, Terraformation
angela@terraformation.com
