Aeroterra & Eldera Matadata Presisi, an Indonesian tech company, has been selected to execute a pilot project to assess the value of Kenya’s carbon credit assets. This project is led by Banyan Investment Banking & Hedge Fund, a Connecticut-based digital bank, and Quantum Metal Group. These sponsors appointed Aeroterra & Eldera Matadata Presisi due to their innovative technology.
According to Dr. Thana Balan from Banyan Investment Banking & Hedge Fund, the project aims to support the Government of Kenya in accurately measuring data on the country’s carbon deposits in real-time. This data will then be submitted to Verra, a US-based organization overseeing standards in the Verified Carbon Standard [VCS] Program, for approval.
The project will commence once Aeroterra & Eldera Matadata Presisi receives all regulatory approvals. The consortium is committing $650,000 towards the project, financed through Letscoin, a digital complementary currency launched last month. The technology used includes drones and artificial intelligence to assess Kenya’s carbon assets, with drones also capable of seeding soils, crucial for the rejuvenation of Kenya’s lands.
The importance of this carbon data project lies in several key areas:
Monitoring Emissions: Tracking and quantifying carbon emissions from various sources such as industries, transportation, and agriculture.
Carbon Sequestration: Measuring the amount of carbon being absorbed by natural processes like forests, soil, and oceans.
Data Analysis: Analyzing the collected data to understand patterns, trends, and impacts of carbon emissions and sequestration.
Reporting: Providing insights and reports to help develop strategies for carbon management and reduction.
Compliance and Verification: Ensuring that data collection methods comply with international standards and verifying the accuracy of the data.
Such projects are crucial for developing strategies to combat climate change, enabling governments and organizations to make informed decisions to reduce carbon footprints and enhance sustainability efforts.
The pilot project in Kenya will serve as a model for the wider region as part of the consortium’s Investment Bank Humanitarian Contribution Campaigning Programme. Additionally, Banyan Investment Banking & Hedge Fund launched Letscoin, a digital complementary currency, to empower local communities by enabling merchants, entrepreneurs, and other users to participate in the digital economy. Letscoin has secured financial backing from Germany’s Deutsche Bank. Furthermore, Banyan announced a $100 million funding agreement with Quantum Metal Group to support African gold trading activities, where Banyan will serve as a custodian bank, holding 2.5 tonnes of gold on behalf of Quantum Metal Bullion Pty Ltd, the beneficial owner.
