XELS, a next-generation carbon offset platform utilizing blockchain and other emerging technologies, today announced that it has joined forces with Albo Climate, a leader in the visualization of carbon sequestration projects through satellite imagery. The collaboration will enable XELS to validate nature-based carbon offset projects, including protected lands and reforestation efforts, through the use of Albo Climate’s highly accurate scanning and monitoring systems.
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Initially focused on voluntary carbon offsets, XELS launched its digital carbon offset platform and carbon credit-backed digital asset in April this year. XELS tokens exist on an immutable public ledger and are designed to boost both transparency in and access to carbon markets. Unlike traditional carbon credits, XELS tokens cannot be modified or double spent. When a XELS token is “burned,” it is retired forever.
By working with Albo Climate, XELS endeavors to offer the highest quality carbon credits currently available. XELS is actively sourcing “carbon sinks” and other nature-based climate solutions, which the company believes are the most beneficial to the environment and humanity at large. Ensuring a plot of forestry is protected from logging is important, but quantifying how much carbon that land can offset by remaining intact is difficult and often involves guessing instead of hard science. Enter Albo Climate.
Albo Climate, founded in 2019, combines artificial intelligence, remote sensing, and satellite imaging to determine how much carbon dioxide is removed by plants and soil in a specific area. The startup applies deep learning algorithms to proprietary CO2 sequestration models that vary according to the specific ecosystem being scanned. Albo Climate, a Techstars alum, is also working with forestry and agriculture companies across the US and Europe.
“The key to unlock the carbon credit markets and have a significant impact on climate change is to bring cutting edge technologies – this is the right combination Albo Climate and XELS are bringing,” says Albo Climate CEO Jacques Amselem. “Together, we are combining Albo Climate’s ultra-accurate and transparent AI quantification of CO2 sequestration, with XELS secure block-chain-powered carbon credits trading.”
XELS is excited to utilize Albo Climate’s cutting-edge technology to scan, monitor, and predict carbon sequestration by carbon sinks it has already sourced in Australia and Japan.
Source: XELS Limited(Press Release)