ERS Raises 5M Euro to develop high-integrity standard for voluntary carbon markets

ERS Raises 5M Euro to develop high-integrity standard for voluntary carbon markets
by Staff Writers
Paris, France (SPX) Mar 13, 2023

Ecosystem Restoration Standard (ERS) has launched a next-generation standard to certify restoration projects on the Voluntary Carbon Markets (VCMs). The standard assesses and monitors the impact of restoration projects on climate, biodiversity, and local livelihoods.

After an extensive pilot phase, ERS has secured 5M europ in seed funding from top-tier investors to support the development of digital measurement, reporting, and verification technologies ahead of the standard's first certifications later this year. The company is investing in satellite data, artificial intelligence, and mobile-native tools to streamline certification and improve the traceability of certified projects.

According to Thibault Sorret, CEO and co-founder of ERS, "Less than 5% of credits on the voluntary carbon markets come from reforestation projects, and of those, most are industrial plantations of non-native species. More financing needs to go to smaller-scale restoration projects. That starts with building a standard designed to assess and monitor projects' impact on climate, biodiversity, and local livelihoods."

ERS has garnered support from investors such as LocalGlobe and RAISE Seed for Good. Ferdi Sigona, Partner at LocalGlobe, said, "ERS has built a new standard for carbon projects that is faster, tech-enabled, and accessible for smaller community projects. We are excited to back them in their mission to restore degraded ecosystems across the world."

Meanwhile, Angelique Elize, Investment Director at RAISE Seed for Good, believes in the team's capacity to create the next certification standard for impactful projects. Elize added that ERS's leading-edge technology enables transparency and efficiency, relieving a significant pain point in the current market.

Noe Gersanois, Co-Head at RAISE Sherpas, was also impressed by the ERS team and their vision that technology will create a new market standard for certifying high-quality projects on the Voluntary Carbon Markets.

The new ERS standard will provide a faster, tech-enabled, and accessible certification option for smaller community restoration projects. It will encourage more financing to go toward smaller-scale restoration projects and provide more transparency and efficiency in the current market. The ERS's first certifications are expected later this year.