RenewWest, an environmental asset developer, has secured $3.2m in its seed funding round, which was led by Aspiration and One Small Planet.
Other commitments to the round came from Clear Sky Advisors, a subsidiary of Concord.
This capital injection will enable RenewWest to expand its technical team, bolster its project pipeline and invest directly with land stewards around the world.
The company is helping to remove carbon at scale by offering nature-based projects. Each of these projects has two objectives, optimise carbon storage capacity by accelerating the restoration lifecycle and collaborate with local land stewards to equitably distribute economic benefits.
A report from the World Economic Forum and McKinsey, claims nature-based climate solutions can provide around 30% of the global emissions reduction needed to achieve the 1.5-degree target under the Paris Agreement.
Since 2018, RenewWest has spearheaded the Collins-Modoc Reforestation Project, which is the largest carbon reforestation project in US history. It is also working to restore and conserve ecosystems in the US, Peru, Mexico, Jamaica and Papua New Guinea.
Aspiration CEO Olivia Albrecht said, “The nature-based solutions market is rapidly expanding, signalling a growing recognition that healthy ecosystems are the world’s most powerful carbon sink. The pressure is on for businesses to demonstrate measurable impact.
“Investing in environmental repair is an effective way to do this. We’re partnering with RenewWest because they’re one of the few developers whose track record proves that they can deliver complex projects with high integrity and high-quality credits at scale.”
Jack Wielebinksi, who runs the venture division of One Small Planet, added, “As we work to accelerate the harmony of environmental and economic wealth, we are incredibly excited about the high-energy team at RenewWest, their forestry expertise, and high-quality reforestation efforts.”
In other ESG FinTech news, sustainability consultancy firm ERM acquired sustainable finance and ESG advisory consultancy NINT for an undisclosed fee.
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