GROVE
- Ashu Sikri (Unlicensed)
Analysis
Overview:
GROVE allows funders to directly sponsor forestry projects listed on its website/app. In exchange, funders receive a blockchain-backed digital currency token, called GRO-Coin, symbolizing their stake in the project
The FSL tech stack – which is linked to GROVE- utilizes satellite remote sensing in combination with Machine Learning (ML), as well as on the ground agents to confirm forest growth and improvements in natural capital. Depending on the assessment, funders receive impact dividends periodically. These dividends (akin to financial dividends for an equity share) represent impact directly generated as a result of their funding – in the form of tons of CO2 sequestered, jobs created, biodiversity enhancement, among others. FSL is intended to be an open source public good and can be easily replicated to forestry projects beyond mangrove.
GROVE and the FSL are also inter-connected through a digital smart contract that ensures that local community members are financially rewarded for their conservation efforts. A more impactful assessment would result in higher reward payments.
GMT is a Singapore-based non-profit company on a mission to combat climate change by supporting forestry projects around the world, starting with mangroves. GMT is leading the development and execution of both GROVE and FSL.
Salo Labs provides remote sensing and ML algorithms for biomass assessment and carbon impact assessment
Zilliqa blockchain
Lab analysis claims that GROVE approach delivers 1.8x higher benefit to communities than traditional offset projects due to lower accreditation costs (eg, no need for a heavy PDD as needed for Verra/GS) and 50% of proceeds from token sales go back to local communities through smart contract (vs. 30% for standard project)
Founded a start-up social enterprise called the Greeen Company to market tokenized sustainability impacts to eco-conscious consumer brands and customers using a new mobile app called Handprint. The proponent has initiated funding seed-round in Q3 and will use the SaaS and mobile Handprint solutions to embed mangrove sponsorships into retail goods and services.
multi-stakeholder R&D collaboration with Temasek Foundation, Zilliqa, National University of Singapore (NUS), DBS Bank, Conservation International, and several other major local players to create an independent foundation in Singapore to house the Forest Smart Ledger (FSL) solution within a novel, high-scaling carbon certification regime. This includes several grant applications that are both under review and in the process of submission.