NCX, a venture-backed climate tech company, has created the largest forest carbon project (by acreage) in the continental United States, the company said on May 26. Previously known as SilviaTerra, NCX (Natural Capital Exchange) is a data-driven forest carbon marketplace sourcing high-quality forest carbon credits from American landowners of all sizes.
Microsoft, South Pole, and Shell Environmental Products are among the initial participating buyers purchasing carbon credits from NCX, upon listing in the Verra offset registry. Stretching across an area of 1.17 million acres, NCX’s first project included over 100 landowners across 10 states.
“NCX puts carbon on the same economic footing as timber,” Zack Parisa, founder and CEO, said. “We’ve combined satellite imagery, forest economics, and cutting-edge statistics to build a data-driven marketplace for landowners of all sizes. NCX identifies forested acres that are likely to be harvested and rewards landowners that keep them growing. It’s a solution that connects landowners with net-zero pioneers to create climate impact with unprecedented scale and transparency.”
NCX recently raised $20 million in Series A financing led by TIME Ventures, the venture fund of Marc Benioff. Benioff will be joining NCX’s board of directors.
The Microsoft Climate Innovation Fund also invested, deepening NCX’s partnership with Microsoft. Previously, NCX worked with Microsoft AI for Earth to create the first-ever annually updated forest inventory of the United States, covering every acre of the U.S. and accounting for almost 92 billion trees. NCX’s seed investors, Union Square Ventures and Version One Ventures, also participated in the round.
“Demand for U.S. offsets is continuing to grow, particularly for nature-based solutions. NCX has found an innovative way to overcome the obstacles that have kept small landowners out of the offset market,” Michael Malara, South Pole’s senior business development and account manager, said. “This solution will increase available offset projects in the U.S. and also make it possible over time for companies to support local offset projects, thus having an impact close to their operations.”
Enrollment for the next NCX cycle is currently open and closes June 8, 2021.
Recommended Reading
Guyana’s Stabroek Boosts Production as Chevron Watches, Waits
2024-04-25 - Chevron Corp.’s planned $53 billion acquisition of Hess Corp. could potentially close in 2025, but in the meantime, the California-based energy giant is in a “read only” mode as an Exxon Mobil-led consortium boosts Guyana production.
US Interior Department Releases Offshore Wind Lease Schedule
2024-04-24 - The U.S. Interior Department’s schedule includes up to a dozen lease sales through 2028 for offshore wind, compared to three for oil and gas lease sales through 2029.
Utah’s Ute Tribe Demands FTC Allow XCL-Altamont Deal
2024-04-24 - More than 90% of the Utah Ute tribe’s income is from energy development on its 4.5-million-acre reservation and the tribe says XCL Resources’ bid to buy Altamont Energy shouldn’t be blocked.
Mexico Presidential Hopeful Sheinbaum Emphasizes Energy Sovereignty
2024-04-24 - Claudia Sheinbaum, vying to becoming Mexico’s next president this summer, says she isn’t in favor of an absolute privatization of the energy sector but she isn’t against private investments either.
Venture Global Gets FERC Nod to Process Gas for LNG
2024-04-23 - Venture Global’s massive export terminal will change natural gas flows across the Gulf of Mexico but its Plaquemines LNG export terminal may still be years away from delivering LNG to long-term customers.