Cork-headquartered Treemetrics, a forestry management software firm, will play a key role in a new project to provide more accurate forest carbon credit estimates to the European Space Agency (ESA).
Treemetrics, which was founded in 2005 by Enda Kane and Garret Mullooly, has developed new technology to replace traditional forestry methods.
Under a new two-year, €1.2 million contract with the ESA, Treemetrics will utilise satellite imaging, data analytics and its forest measurement technology to deliver forest carbon credit estimates.
Enda Keane, chief executive of Treemetrics, said the new project will play an important role in building greater trust and transparency in the growing forest carbon credit market.
“The measurement and management of forests will be a key factor in the global community’s efforts to tackle the effects of climate change and to live and operate sustainably,” he said.
“It is essential that we accurately measure and harness one of our greatest natural resources, forests, and this is what Treemetrics has been working on since its foundation.”
Forest carbon credits
According to the Co. Cork firm, the global demand for forest carbon credits is growing larger every year, driven by an increasing demand from companies and individuals to reduce their carbon footprint.
It said that many organisations are voluntarily committing to this, and investors also want to see companies investing in high-quality carbon projects.
Treemetrics says the planting of trees and the restoration of forests is an important part of the global fight against climate change and accurate forest measurement is an important element of this.
Damien English, Minister of State for Business, Employment and Retail, has welcomed the Cork company’s ESA contract win. He said it highlights how Irish companies like Treemetrics are playing a key role in helping to reduce greenhouse gases.