Temasek, DBS, Google, National University of Singapore, and the World Bank launched the Sustaintech Xcelerator.
Sustaintech Xcelerator will support climate innovators who are developing solutions to increase trust in nature-based solutions (NBS) through improved monitoring and verification of their environmental, social, and economic impact.
The aim is to transform NBS verification into a more continuous and efficient process by transparently monitoring the performance and outcomes of an NbS initiative and enabling ongoing issuance of carbon credits.
NBS are actions that harness the power of nature to tackle social and environmental challenges, such as to protect and restore ecosystems such as forests, mangroves and coral reefs. They play a vital role in absorbing carbon dioxide emissions.
Technologies and solutions that will be considered under the Sustaintech Xcelerator include remote sensing technologies, as well as artificial intelligence and climate-science models that improve the estimation of carbon sequestration and biodiversity.
Bidyut Dumra, Executive Director and Head of Innovation at DBS said,
“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.”
