With Verra and Gold Standard approvals, the company will offer highest quality carbon credits to its existing and new customers
Vancouver, British Columbia, Oct 31, 2022 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - ShiftCarbon (formerly Tracesafe) (CSE: TSF), a global leader in Internet of Things (IoT) platforms and complete decarbonization solutions, announced today that it has completed approvals for two of the highest standards of carbon offset verification - Verra and Gold Standard. With this qualification, ShiftCarbon will be able to ensure that every carbon credit and offset it provides comes from verified and highest quality projects across the world.
Verra's several programs allow certified projects to turn their greenhouse gas (GHG) emission reductions and removals into tradable carbon credits. Verra and Gold Standard represent the vast majority of the voluntary carbon market, making them the most important recognized standards in the world. Since its launch in 2006, Verra's VCS Program has grown into the world's largest voluntary GHG program. There are currently 1,600 registered projects in over 82 countries that have generated more than 450 million carbon credits, the equivalent of 98 million passenger vehicles being taken off the road for one year. Gold Standard-certified projects have created over $31 Billion in shared value for climate action and sustainable development. By creating robust standards for climate and development interventions that enable the credible measurement of impact, Gold Standard aims to create $100 billion in shared value by 2030.
"This a huge milestone for ShiftCarbon as we gather momentum towards capturing a new market. One of our key objectives is to provide credibility and meet the highest standards in carbon offsets. With Verra and Gold Standard registries, our customers can be sure of the impact of their action," said Wayne Lloyd, CEO- ShiftCarbon. "The swift verification is also proof of the credibility of our solution that will change the way carbon offsets are both provided and created for climate conscious organizations across the globe."
The Taskforce on Scaling Voluntary Carbon Markets (TSVCM) and McKinsey estimate that demand for carbon credits could increase by a factor of 15 or more by 2030 and by a factor of up to 100 by 2050. Overall, the market for carbon credits could be worth upward of $50 billion in 2030. The evidence of the increasing cost of carbon credits is significant. For instance, European carbon prices broke above €98 a tonne for the first time ever, after gas prices returned to record levels, resulting in higher emissions and demand for permits.
ShiftCarbon provides an intuitive platform for carbon accounting, offsetting and MRV (Measurement, Reporting and Verification) automation of carbon offsets using a modular software and IoT sensor technology. For enterprises, ShiftCarbon offers a measure and offset platform to embed carbon neutrality into businesses easily and efficiently. Find more details on www.shiftcarbon.io.
ShiftCarbon also operates 'TraceSafe'-a leading connected technology company that offers Internet of Things (IoT) solutions. The company provides mission-critical data enabling safer and smarter enterprise environments. With presence across North America, Asia and Europe, TraceSafe's solutions are trusted by leading organizations in healthcare, hospitality, construction, events, education and government. Find more details on www.tracesafe.io.
For further information, please contact:
Wayne Lloyd, CEO
+1 (604) 629-9975
Mark Leung, CFO
+1 (778) 655-4242
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.
Statements in this news release may contain forward-looking statements that are based on TraceSafe's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of carbon and climate risks and solutions adopted in response to climate change, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments respond to climate change and impact of carbon emissions and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
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