Conducted PoC on Forest Carbon Credit Generation and Initiatives towards Social Contribution through Realization of RWA Circular Economy (RWACE)

Greenway Grid Global Pte. Ltd. (Head Office: Singapore, President and CEO: Kazuhiko Shiba, hereinafter referred to as, “GGG”), and Carbontribe Labs OÜ(Head Office: Tallin, Estonia, CEO: Kay Yano (Co-Founder & CEO), are pleased to announce that we have conducted a PoC of forest carbon credit generation and the NFT*1 tokenization aiming to realize RWA Circular Economy (RWACE)*2,*3 in the forest/mangroves in Asia region. In this PoC, we have confirmed the usefulness of Carbontribe’s proprietary analysis model, which utilizes satellite imagery combined with AI/Deep Learning*4, and tested the tokenization of the acquired data by the analysis into NFTs.

We will leverage the knowledge and know-how acquired from this PoC to realize the forest carbon credit business in both real and digital (ReFi*5) feilds, and through RWACE, respond to the climate change and contribute to local communities.

PoC Overview
In this PoC, we used the proprietary analysis model combined with Deep Learning developed by Carbontribe, to analyze satellite images of the forest in Japan (approx. 16,000ha.), mangrove forest in Vietnam (approx. 12,000ha.) and tropical forest in Indonesia (approx. 50,000) sourced from Google Earth Engine API, and we have confirmed that it is possible to track and visualize intricate and fragmented changes over extensive areas by AI (Figure 1: Analysis of Satellite Images). This PoC proves the usefulness of AI/Deep Learning analysis for satellite images by Carbontribe, and confirmed the potential to digitally certify carbon credit applications and other verifications using dMRV*6, which is currently done manually.

Additionally, by verifying the NFT tokenization process of carbon credits (Figure 2: NFT tokenization process), looking towards the democratization of forest carbon credit market*7, we have confirmed that the possibility that GGG-Carbontribe can develop its own digital standard as a voluntary credit from Asia region. In order to address the issues of transparency and costs of conventional standards such as VERRA, by pioneering a fully digital standard that does from analysis by AI/Deep Learning, credit verification by dMRV, to the tokenization to market distribution all at once, we aim to expand the carbon market itself.

Our Initiative
We will leverage the synergy of the knowledge and know-how to accelerate the forest carbon credit business.

We are initiating a forest carbon credit project in Indonesia, in collaboration with local partners. We will work to create high-quality forest carbon credits with reliability and transparency, by introducing Japanese technologies, etc., and build win-win relationships with local communities through the project.

Furthermore, in addition to working on the project to generate carbon credit based on existing compliance/voluntary standard, we will also explore the realization of our own fully digital standard in the actual field.

Through this initiatives, we aim to realize ReFi, and become a pioneer in the dawn of “RWA Circular Economy (RWACE)”, and we will contribute to responding climate change and local communities and ecosystems, as a sustainable business.

<WACE Concept>

<Figure 1: Analysis of Satellite Images>

• Detection of mangrove areas, tracking yearly increase/decrease changes

<Figure 2: NFT tokenization process>
• NFT tokenization of acquired data(area) detected by AI analysis of satellite images

*1 NFT: Abbreviation of Non-Fungible Token. Unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity.

*2 RWA: Abbreviation of Real World Asset. Concept or method that expresses digitally real existing asset by using block-chain technology.

*3 RWACE : RWA Circular Economy. Created beyond the boundary of real and digital, by digital expression of real assets and the use of the profits of the transactions to improve the real asset.

*4 Deep Learning: One of the machine learning technologies among AI technologies. A technology that a computer automatically detects the characteristics desired from a large amount of data.

*5 ReFi: Abbreviation of Regenerative Finance. A system in which financial transactions on the Web3 are linked to the regeneration of the global environment, etc., through the use of the blockchain mechanism.

*6 dMRV: digital Measurement, Reporting and Verification: technology that analyses and verifies real asset data.

*7 democratization of forest carbon credit market:
Expansion of net zero, CO2 reduction initiatives beyond large corporations, and make it possible to trade carbon credits as a digital tokens so that the more and more individuals can become interested in forest carbon credits.

<Contact Information>

・GGG (Tsurui)




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