Sylvera grabs seed backing from Index to help close the accountability gap around carbon offsetting
UK-based startup Sylvera is using satellite, radar and lidar data-fuelled machine learning to bolster transparency around carbon offsetting projects in a bid to boost accountability and credibility — applying independent ratings to carbon offsetting projects.
The ratings are based on proprietary data sets it’s developed in conjunction with scientists from research organisations including UCLA, the NASA Jet Propulsion Laboratory, and University College London.
It’s just grabbed $5.8M in seed funding led by VC firm Index Ventures. All its existing institutional investors also participated — namely: Seedcamp, Speedinvest and Revent. It also has backing from leading angels, including the existing and former CEOs of NYSE, Thomson Reuters, Citibank and IHS Markit. (It confirms it has committed not to receive any investment from traditional carbon-intensive companies when as ask.) And it’s just snagged a $2M research contract from Innovate UK.
The problem it’s targeting is that the carbon offsetting market suffers from a lack of transparency.
This fuels concerns that many offsetting projects aren’t living up to their claims of a net reduction in carbon emissions — and that ‘creative’ carbon accountancy is rather being used to generate a lot of hot air: In the form of positive sounding PR which sums to meaningless greenwashing and more pollution as polluters get to keep on pumping out climate changing emissions.
Nonetheless the carbon offset markets are poised for huge growth — of at least 15x by 2030 — as large corporates accelerate their net zero commitments. And Sylvera’s bet is that that will drive (Read more...)