FN Media Group Presents USA News Group News Commentary
Vancouver, BC – March 20, 2023 – USA News Group – Set to be held in November, the UN’s Conference of Parties conference (“COP27”) has been set with a goal of seeking clarity and concrete guidelines for Voluntary Carbon Market (VCM) players. Last year’s COP26 conference in Scotland ended with 632 of the world’s largest 2000 public companies by revenue announcing plans to achieve Net Zero greenhouse gas emissions. Efforts are being made across many industries, such as world aviation companies including Delta Air Lines, Inc. (NYSE:DAL), cruise lines like Royal Caribbean Group (NYSE:RCL), banks such as Bank of Montreal (NYSE:BMO) (TSX:BMO), and even energy giants like Freeport-McMoran Inc. (NYSE:FCX) looking to not only reduce their emissions, but supplement their efforts through purchasing carbon credits made possible by a new wave of VCM producers aided by new technologies from groups like AI-driven data collectors, Scope Carbon Corp. (CSE:SCPE).
By providing accurate data, groups like Scope Carbon Corp. (CSE:SCPE) can assist VCM developers, and help reduce verification delays—which have been estimated to cost the VCM $2.6 billion in losses by 2030 if not dealt with.
Through a state-of-the-art technology platform that includes long-range drones, servers, and AI data analysis, Scope Carbon helps landowners large and small to maximize their carbon credit contributions and mitigate any inefficiencies in their systems.
While these operations are themselves creating carbon credits through carbon sequestration and other reduction methods, Scope Carbon’s business is built as a carbon market Pick-and-Shovel Play that helps improve things behind the scenes. They do this by providing accurate identification of the characteristics of forests, trees, underbrush, ground and related surfaces, which forms a material part of the overall carbon credit certification process.
Today they boast a portfolio of clients that include ranchers, farmers, and landowners located primarily in the Canadian province of Alberta, and most recently they entered into a product development agreement with Marsman Limited, which has a development team led by Martin Ma, a former early key employee of the Alibaba Group.
“Scope is at the forefront of a rapidly expanding industry and our goal is for Scope’s Technology to become an essential tool for project developers of carbon credits and corporations looking towards establishing a net zero footprint,” said James Liang, CEO of Scope. “We believe the Company’s partnership with Marsman will only enrich the development of the Technology and we looking forward to working and learning alongside out partner Martin Ma and his Alibaba team.”
One of the entities that’s recently committed to purchasing more carbon credits is Canadian ‘Big Five’ bank, Bank of Montreal (NYSE:BMO) (TSX:BMO) recently announced its commitment to purchase carbon credits over five years via an agreement with Halifax-based CarbonCure Technologies. As per the deal, BMO’s purchase represents 5,750 metric tons of CO2 removal and reductions, and the credits are expected to be delivered every September from 2022 through to 2026.
“Since 2010, BMO has been carbon neutral in its own operations through a combination of reducing energy use, purchasing renewable energy certificates to match 100 per cent of our electricity use. and offsetting remaining emissions,” said Michael Torrance, Chief Sustainability Officer, BMO Financial Group. “Our agreement with CarbonCure is an exciting opportunity for BMO to support new technology that will advance net zero aligned innovation in the decades ahead.”
To date, BMO’s leadership on sustainability has been recognized on a number of global rankings, including the Corporate Knights’ Global 100 Most Sustainable Corporations, Dow Jones Sustainability Indices World Index, and Ethisphere Institute’s list of the World’s Most Ethical Companies.
At a recent meeting in Montreal, the International Civil Aviation Organisation (ICAO) as a group pledged to support an “aspirational” net zero aviation goal by 2050. Consisting of 192 of the 193 UN member states, the ICAO also works with the International Air Transport Association (IATA), which also made its own commitment to fly Net Zero by 2050.
On a global basis, Delta Air Lines, Inc. (NYSE:DAL) boasts having become the first carbon neutral airline back in 2020. The world’s second-largest airline by revenue, Delta bought 12 million carbon credits, worth $137 million in 2021.
But their efforts didn’t end there, as they also spent approximately $3.2 billion to become more environmentally sustainable in 2021. While Delta has spent a lot of money on new aircrafts that are more efficient, helping make terminals more energy efficient, and vowing to make a quarter of its ground equipment electric by 2025, the airline still relies heavily on carbon credits to meet its goals.
Delta gives money to rainforest nations so that they can preserve their trees that absorb CO2. According to Bloomberg, Delta Air Lines accomplished this by spending roughly $2.31 per ton. It’s accomplished this feat by being one of the world’s largest carbon offset purchasers.
Another travel industry giant, Royal Caribbean Group (NYSE:RCL) is making a splash with its new $125 million, 161,334-square-foot terminal in Galveston, Texas that’s slated to have zero reliance on the state’s energy grid. Royal Caribbean claims the terminal will be the first LEED Zero Energy facility in Texas, with an official certification expected by the end of Q2 2023. Once confirmed, this terminal will be Royal Caribbean’s fourth LEED certified facility, which include Terminal A at PortMiami and the Innovation Lab at the company’s corporate headquarters in Miami.
“We are focused on innovating across all aspects of our company, especially in our work to advance sustainability in the communities we visit,” said Jason Liberty, president and CEO, Royal Caribbean Group. “We deeply value both the oceans we sail and the communities we visit and operate in, and the modern design and development features at our terminal in Galveston will work in service of both.”
Back in 2018, Royal Caribbean launched a carbon offset program with Southern Power. In order to be fully neutral, Royal Caribbean will mitigate its Galveston terminal emissions through the purchase of more carbon credits.
Not all carbon credits involve Net Zero goal, as evidenced by the settlement of energy giant Freeport-McMoran Inc. (NYSE:FCX) which is dealing with the aftermath of an oil spill near Jean Lafitte, Louisiana. As per their agreed upon settlement, Freeport will make an initial payment of $15 million and additional payments of $4.25 million each in 2023 and 2024, after which the remaining $76.5 million would be tied to reimbursements from the sale of environmental credits.
As per the deal, Freeport gains preferred status from the sale of environmental credits related to projects funded with its settlement, which was signed off on by the State of Louisiana Department of Natural Resources. Also known as carbon credits, these are generated by projects that cut greenhouse-gas emissions, such as tree plantings or marsh restorations, and can be used to offset an owner’s other pollution-causing actions, or sold to other companies.
One of the ways Freeport receives credits such as these comes from its involvement in projects such as the Freeport Energy Storage and Carbon Sequestration Hub with Gulf Coast Midstream Partners.
For more information please visit: https://usanewsgroup.com/2023/02/16/in-the-next-5-years-the-carbon-credits-market-is-projected-to-be-worth-trillions-2/
Article Source:
USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope Carbon Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Scope Carbon Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Scope Carbon Corp. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares Scope Carbon Corp. at any time without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, we currently own shares of Scope Carbon Corp. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
USA News Group is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein. The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
This release contains “forward-loking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:
editor@financialnewsmedia.com
U.S. Phone: +1(954)345-0611
SOURCE USA News Group
The post Several Major Industries Making Efforts to Meet Net Zero Goals Through Carbon Credits appeared first on Financial News Media.
