Paris-based climate-tech start-up Ecosystem Restoration Standard (ERS) is launching a standard to certify ecosystem restoration projects in the voluntary carbon markets after raising €5 million in seed funding.
The investment comes from two impact-focused investors, UK-based LocalGlobe, a member of Phoenix Court Group, and RAISE Seed for Good in France. Historical investor Alliance for Impact continues funding the company.
The funding will support the development of next-generation dMRV (Digital Monitoring, Reporting & Verification), and launch the certification programme for the first three projects which are in Panama, Costa Rica and Madagascar.
The ERS, is based on four pillars: ecosystem recovery, climate, biodiversity, and livelihoods. The standard will provide greater traceability and transparency for project developers and buyers.
“We believe in the team's capacity to create the next certification standard for impactful projects. Their leading-edge technology enables transparency and efficiency, relieving a significant pain point in the current market. We fully believe in their vision and what they are building," says Angélique Elizé, Investment Director at RAISE Seed for Good.
The worldwide standard will be released for public consultation later this month. It stipulates that at least 70% of the financing needs to go to the project. In doing so, the company hopes that its upcoming standard will enable restoration projects to play a critical role in meeting global climate and biodiversity objectives.
“We are on a mission to certify restoration projects that impact climate, biodiversity and livelihoods with industry defining traceability thanks to satellite imagery. The €5 million raised will help bring a much-needed solution to rebuild trust in the industry," says Thibault Sorret, Co-Founder and CEO of the Ecosystem Restoration Standard.
"We want the money to be spent on the field. In just over two years of tireless work, we have set the foundation that will enable us to restore 5,000 hectares by 2023. The support we are getting from LocalGlobe and Raise will allow the Ecosystem Restoration Standard to become the leading certifier of restoration projects worldwide, with 1% of the planet restored by 2030.”