Climate-innovation accelerator launched by Temasek, DBS, Google and partners

A NEW six-month global virtual accelerator will focus on boosting confidence in nature-based carbon credits.

Named the Sustaintech Xcelerator, it was launched on Wednesday by DBS, Google, the National University of Singapore's (NUS) Centre for Nature-based Climate Solutions, Temasek Holdings, the World Bank and Verra.

The accelerator will support climate innovators who are developing solutions to increase trust in nature-based solutions (NBS), and should do so by improving the monitoring and verification of the environmental, social and economic impact.

The aim is to transform NBS verification from a manual, infrequent and fragmented process into one that is continuous, such that an NBS project's performance and impact can be transparently monitored and carbon credits can be issued on an ongoing basis.

NBS are actions that harness the power of nature to tackle social and environmental challenges, such as to protect and restore ecosystems such as forests, mangroves and coral reefs. They play a vital role in absorbing carbon dioxide emissions.

Technologies and solutions that will be considered under the Sustaintech Xcelerator include remote sensing technologies, as well as artificial intelligence and climate-science models that improve the estimation of carbon sequestration and biodiversity.

A NEWSLETTER FOR YOU

Monday, 3.30 pm

Garage

The hottest news on all things startup and tech to kickstart your week.

Sign Up

Other examples that will be considered include Internet of Things technologies for monitoring NBS projects, as well as digital ledger technology to support carbon credits' tokenisation, digital auditing and financial transparency.

The accelerator is open to startups, established companies and academics commercialising new opportunities.

Applicants are to present tangible solutions, such as minimum viable products and proofs of concept, that address any of these opportunity areas:

The accelerator will also provide mentorship to the selected applicants through its partners and their networks.

For example, Verra, a US-based non-profit organisation which manages the world's largest voluntary greenhouse gas programme, the Verified Carbon Standard, will join as a knowledge partner to guide teams on the intricacies of the verification process.

Each selected applicant will receive a S$50,000 grant as well, have access to leading research expertise, and be given in-kind resources including office space in Singapore (for local teams).

All teams may also opt to engage in frequent pitching and speaking opportunities.

The development of NBS has "immense potential" to achieve the climate goals set out in the Paris Agreement, said DBS executive director and head of innovation Bidyut Dumra. The Paris Agreement aims to limit the rise in global temperatures to only 1.5 degrees Celsius above pre-industrial levels.

Given that only a certain amount of global emissions can be reduced by improved technology, the remainder will need to be addressed by carbon offsets. NBS may be able to supply a majority of these credits.

Despite growing demand for carbon offsets, several challenges are limiting the further NBS development. For instance, the monitoring and verification process for such projects relies on infrequent manual auditing. There is also limited transparency for carbon-credit buyers around the level of impact and any potential risks associated with different projects.

Temasek's sustainability director Frederick Teo said the investment firm sees "a substantive business opportunity for nature-based solutions as a legitimate tool for companies looking to reduce their carbon".

Establishing greater trust in NBS and their impact is key to catalysing this market, Mr Teo said, adding that the accelerator tie-up will foster impactful solutions and support Singapore's development as a regional hub for climate innovation.

Koh Lian Pin, director of the NUS Centre for Nature-based Climate Solutions, said the collaboration will further the development of technologies that protect and preserve natural ecosystems. The centre has been a focal point for research and thought leadership on NBS for climate mitigation and adaptation in the Asia-Pacific, Professor Koh noted.

The World Bank sees "strong potential" for technology to reduce cost and increase the accuracy of monitoring and verifying emissions reductions, said its manager of climate funds Marc Sadler.

DBS is a member of the United Nations Global Compact, and is committed to driving progress towards achieving the Sustainable Development Goals and creating positive social and environmental impact through the latest accelerator, said Mr Dumra.