GROVE (The Global Restoration Objective Virement Ecosystem) is a funding platform to support reforestation and regeneration activities worldwide. The engine behind GROVE is called the Forestry Smart Ledger (FSL). The FSL uses satellite imaging to verify biomass growth in forests to support more sustainable land-use. In combination with GROVE’s blockchain technology, the FSL automates restoration agreements to support more transparent performance rewards and robust quantification of carbon capture and biodiversity support. The benefits of this platform accrue to Indian communities and communities worldwide who engage in regenerative forestry. By improving tracking, measurement, and verification of reforestation, the FSL has significant potential to unlock more funding sources and translate those funds in more stable incomes for local people.
Mangroves and forests provide tangible and quantifiable benefits to communities, but community-based conservation and reforestation efforts struggle to generate sustainable financing. Meanwhile, donors face unaddressed concerns regarding oversight and possible opportunism. These problems remain largely unaddressed by incumbent systems of carbon markets and development bureaucracies.
GROVE’s Forestry Smart Ledger (FSL) is a three-part system that links together a blockchain Land Ledger and a remote sensing Computer Vision Forest Oracle via an open-source Forest Library engine. This system provides scientific, retrospective verification of forest growth so local communities can secure long-term and transparent financial support for active husbandry. This system empowers not only tree planting, but also long term forest growth. At the same time, the FSL gives forest sponsors new ability to track the progress of their donations through accurate data on forest growth, carbon storage, biodiversity conservation, and habitat regeneration. By reducing search and contracting costs for mass-scale reforestation and coastal conservation, the FSL solution will accelerate private sector investment in decentralized forestry and generate exponential increases in climate action. While the technology is complex, the solution we offer drastically lowers barriers to adoption by simplifying outcomes, adding transparency, and lowering costs.
According to the Global Mangrove Trust (the non-profit behind GROVE and the FSL), a pilot in India currently lists 1,000 hectares of projects, planting approximately 2500 trees/ha. GMT further anticipates scalability within 2 years to over 100,000 hectares in Andra Pradesh, Bangladesh, and Myanmar that could store over 125M metric tons of CO2 over 25 years. At current blue carbon prices exceeding US$10/ton, correlate voluntary carbon market demand values indicate over US$1.25 billion in potential funding for community-based forestry.
News & Events
2020 Lab finalist GROVE: Forestry Smart Ledger was featured by Reuters, in an article highlighting the catalytic potential of the instrument. GROVE “plans to launch an app and website in the next six months using blockchain technology to crowdsource donations for mangrove restoration projects across India and Southeast Asia that would add 1 billion mangrove […]
The Lab announces 2020 program winners to mobilize investment for sustainable cities, energy access, nature-based solutions, and sustainable agricultureMarch 5, 2020
Mar 5, 2020 LONDON – The Global Innovation Lab for Climate Finance (the Lab), an investor-led initiative that identifies, develops, and launches promising solutions to drive critical public and private investment to action on climate change in developing countries, has selected its top eight ideas for 2020, the 6th year of its annual competition. The Lab […]