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The Phyto Carbon Bank is a service that allows businesses and individuals to offset their carbon emissions through a verifiable mechanism.
In light of the emerging world of climate finance, we are now offering a service to help facilitate the supply of carbon credits to the Australian market.
This service was developed partially out of necessity of our own carbon offsetting needs, since we are required to purchase a quantity of carbon credits for our own carbon neutrality claims.
We have partnered with UK based firm, Ecosphere+, to offset the Greenhouse Gas (GHG) emissions of our products and operations.
These emissions have been offset through the purchase and retirement of carbon credit units, or in our case Verified Carbon Units (VCUs).
To complement our Climate Positive Programme, we are now offering a carbon offset service that involves the sale and retirement of carbon credit units.
Carbon credits are the mechanism through which measurable reductions in green-house-gas emission by one entity, can be used to offset against another entities carbon emissions.
1 carbon credit translates to 1 tonne of carbon dioxide (or equivalent GHG emissions) avoided or removed from the Earth’s atmosphere.
Carbon credits are generated by registered GHG emissions reduction or avoidance projects. They are a tradable commodity and depending on the standard through which they are verified, are often internationally recognised.
If you would like to purchase carbon credits, you can contact us here.
The VCUs that we offset our emission with are internationally recognised, and are verified by US- based firm, Verra.
Verra administers the project registration process and maintains the Verified Carbon Standard (VCS) under which all VCU projects are certified.
We have chosen to open our own Verra Registry account, both to streamline our future offsetting requirements and to help our clients achieve their environmental goals.
By opening an account with Verra, we can purchase and retire credits within a shorter timeframe and retire credits of behalf of third parties.
Once the carbon credits are purchased, a retirement confirmation is made to take the credits off the market. This retirement comes with a retirement statement that is traceable back to a public registry (Verra registry). There is also the option to make this retirement confirmation entirely confidential.
The Tambopata-Bahuaja project is linked directly to avoiding deforestation in the Peruvian Amazon by working with local communities to create an economic buffer zone protecting threatened tropical rainforest in an internationally recognised biodiversity hotspot.
The project integrates conservation and sustainable economic development to conserve 591,851 hectares of protected forest (an area about the size of Los Angeles). The project is part of the Althelia Climate Fund and implemented in partnership with AIDER, a local Peruvian NGO.
The Amazon rainforest provides 20% of the world’s oxygen. It regulates and filters water, anchors soil to prevent erosion, protects biodiversity and nurtures thousands of species that carry out environmentally crucial roles, such as pollination.
The work done by Ecosphere+ and their technical partners on the ground helps to address the drivers of deforestation whilst also protecting habitats and offering impoverished communities a more sustainable way of making a living.
