Start small, shoot big: Carbonable’s first carbon sink project is a small reforestation project, representing 160 NFTs, on sale May 6, 2022. But this little project will have a big impact in Costa Rican reforestation efforts. The Bangegas Farm reforestation project will plant 8,000 native trees on 4 hectares of lowland tropical forest, absorbing 1573 metric tons of carbon emissions. Plus, it will restore the habitat of some of the world's favorite big cats, like panthers and pumas!
Over the next 30 years, endangered native tree species like Mico comb, Rum rum, Vaco and Cedro Mario will be planted on the Banegas farm in southern Costa Rica. The land is now owned by the state but was formerly a privately-owned finca, a traditional Latin American ranch or farm. The previous landowners let the property fall into degradation through overgrazing. The reforested plot will first grow a primary layer of forest cover. And then a secondary canopy cover, formed by mature tree cover, will grow. This project will improve wildlife connectivity and improve the soil productivity of local communities.
By restoring the forest, local water systems are enhanced and protected, which aids in replenishing underground water sources (aquifers). Further, the forest will create a natural green barrier to the land that reduces landslides, floods and helps avoid extreme drought. The restoration of this forest will increase forest connectivity between the old-growth and new-growth forests.
The project is managed by the Corcovado Foundation, a non-proﬁt organization working for environmental conservation in Costa Rica. The Corcovado Foundation is driven not only by ecosystem restoration but social justice as well. They employ local communities for their reforestation projects thus creating thousands of job opportunities and slowly closing the gender gap. Through their Environmental Education programme, they have been continuously working with thousands of children since 2003, to promote environmental citizenship. The Banegas project will be another opportunity to offer on-the-ground activities for local kids.
The methodology for choosing this project is twofold.
First, there is Carbonable’s screening criteria. We select projects that represent high-quality voluntary carbon credits (VCCs) with minimal risk and a high potential for success. To find these projects, we work with credible project developers. This means reviewing project developers' previous projects’ impact, and financial reports and checking their references to make sure they have a solid track record and meet the highest quality standards through internationally recognized certifications. We also only finance projects that actively support 3 of the 17 Sustainable Development Goals (SDGs). Then we read the due diligence of the project as released by the project certifier. In the due diligence, we expect not only to find a reliable estimate of additionality (how much carbon will be removed from the atmosphere) but also risk assessments that include baseline data, additionality, durability and a plan to avoid double counting.
Second, there is the project certifier’s screening criteria. Carbonable and Wildsense share many screening requirements. The primary requirements are based on carbon offset (additionality, durability, leakage). The secondary requirements are fulfillments of Sustainable Development Goals, and include social and biodiversity targets. And the additional screening requirements in the Wildsense risk assessment matrix include geopolitical risk, climate change risk, socio-economic risk, and landownership and management.
Before we back a project from Wildsense, we analyze the due diligence released by Wildsense, and make sure it is a good investment for our holders. The full due diligence report is also available for our holders.