DBS, Google, the Centre for Nature-based Climate Solutions at the National University of Singapore (NUS), Temasek and the World Bank have launched the Sustaintech Xcelerator to increase confidence in carbon credits from nature-based solutions.
Nature-based solutions are actions that leverage the power of nature to combat social and environmental challenges such as protecting and restoring ecosystems like forests. They also play a critical role in absorbing carbon dioxide emissions and their development is key to achieving the targets set out in the Paris Agreement to limit global temperatures from rising past 1.5 degrees celcius above pre-industrial levels.
Sustaintech Xcelerator, a six-month global virtual accelerator, will support climate innovators developing solutions to support nature-based ones through improved monitoring and verification of their environmental, social, and economic impact.
According to DBS, the Sustaintech Xcelerator will invite start-ups, companies and academics to help to transform verification for nature-based solutions into a more continuous and efficient process.
These technologies should complement the necessary groundwork required for verifying the intricate social impact of a project.
In addition, the Sustaintech Xcelerator will provide mentorship to selected applicants, as well as a grant of $50,000.
Selected applicants will also have access to leading research expertise as well as in-kind resources including office spaces in Singapore.
The teams will have the opportunity to engage in frequent pitching and speaking opportunities, including a public showcase with investors and media during Ecosperity Week in June 2021.
Bidyut Dumra, executive director and head of innovation at DBS says, “We are delighted to partner with world-leading organisations like Google, NUS, Temasek, Verra and the World Bank to empower climate innovators in developing solutions that build trust for nature-based solutions”.
“Nature-based solutions have immense potential to achieve the climate goals set out in the Paris Agreement, and as a member of the United Nations Global Compact, DBS is committed to driving progress towards achieving the Sustainable Development Goals and creating positive social and environmental impact through the Sustaintech Xcelerator,” Dumra adds.
“We see a substantive business opportunity for nature-based solutions as a legitimate tool for companies looking to reduce their carbon. Establishing greater trust in NbS and their impacts is key to further catalysing this market. Through our partnership in the Sustaintech Xcelerator, we are excited to help foster impactful solutions in this area and support Singapore’s development as a regional hub for climate innovation,” says Frederick Teo, Temasek Holdings’ sustainability director.
