A climate startup backed by investors including billionaire Mark Cuban signed a preliminary deal to generate $1 billion of carbon credits by preventing deforestation across a swath of the world’s second-biggest tropical forest. dClimate plans to pay Democratic Republic of Congo a fee for the rights to the sequestration of 100 million tons of carbon dioxide or the equivalent on about 500,000 hectares (1.24 million acres) of peatlands for a decade, it announced Tuesday. The company will monitor the land to show that deforestation is being prevented, help Congo develop a carbon-credit registry, and sell the credits generated on the open market. These credits are designed to bring integrity and transparency to global carbon markets, emphasizing data integrity, quality and standards as well as strong collaboration with the national government and local communities.
SOURCE: BLOOMBERG