Hype machine4/14/2023 We have contracts to plant 1.1 BILLION trees ![]() While SPE’s founder has been striving to make his vision a reality, it is far from a done deal. ![]() An investigation by Climate Home, drawing on interviews with government officials and experts in those countries, suggests this claim is vastly inflated. The aim? To raise funds to plant billions of trees that will “significantly change the Earth’s landscape” and store carbon that can be sold as carbon credits.Ĭentral to SPE’s investment case is a claim to have government contracts to plant more than a billion trees in Pakistan, Sri Lanka and the Maldives. Since November 2021, SPE has sold 1,000 limited edition carbon credits as NFTs, from credits certified by market standard Verra, for an average price of $1,770. Members were buzzing about the prospects of Save Planet Earth (SPE), the UK-based cryptocurrency venture behind the auction. To find answers, Climate Home News dived into a community of cryptocurrency investors, connecting on messaging apps Telegram and Discord. ![]() Why would anyone pay such a huge premium? In the first half of 2021, the price of a forest carbon offset averaged just $4.73/t. The credit was generated in Indonesia from the Rimba Raya reserve, one of the world’s largest initiatives to prevent emissions by protecting tropical peat swamp forests.Īt the time, millions of credits from the same project were trading on the market for less than $20 each. When a carbon credit representing a single tonne of CO2 sold as an NFT for an eye-watering $70,000 at auction, carbon market experts were bewildered.
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