First Green Project Onboarded to the Coorest Ecosystem
We are proud to announce the official inclusion of the Angola-focused project DiMarjan to the Coorest ecosystem. DiMarjan is a sustainable agricultural company focused on building community wealth in Africa. Through its pilot program, the company has partnered with local communities to develop several mango farms in Angola, containing over 10 hectares and 2000 trees. The company has just finished the last of its preparations to tokenize the carbon absorbed by its mango trees, enabling it to engage in carbon compensation.
Creating a measurable sustainable impact
DiMarjan’s first batch contains 400 mango trees that will absorb 136,996 kg of CO2 annually. However, 40 of these trees will be left in reserve and their carbon absorption won’t be tokenized.
The project has a significant sustainable impact since its initial 2-hectare plot is predicted to compensate for 2.739.933,87 kg of CO2 emissions over twenty years.
Meanwhile, the company has worked with local communities to learn about native cover crops and ensure they are allowed to grow alongside the trees.
“We leverage local community partnerships, traditional best practices, and sustainable innovations to change the narrative in Southwest Africa. We are building local community wealth through sustainable agriculture.” — Mario Silva, Country Representative for DiMarjan in Angola.
Coorest onboards its first project
The DiMarjan mango farm is the first project to join Coorest’s onboarding initiative and also the first carbon capture project to feature the recently certified Coorest Carbon Standard (CCS).
Because of this, the farm will undergo monthly satellite monitoring which will ensure the well-being of its trees and their continued ability to sequester carbon. This will allow the project to tokenize its carbon absorption and convert it into Coorest CO2 tokens ($CCO2) via the Coorest decentralized application (dApp).
Coorest’s agreement with DiMarjan is to gradually tokenize all of its mango farms. The company’s mango farms will be divided into sections with corresponding NFTs.
A 10% tree reserve is planted as a precaution against natural calamities.
By inducting an independent carbon capture project, Coorest shows the possibilities and benefits of on-chain carbon compensation:
Removing the barrier to entry
Entering the carbon market has an extremely high initial cost due to the auditing of projects. This prevents many agricultural and forestry projects from participating in the carbon economy. Coorest lifts these barriers by covering the auditing costs and allows projects that comply with the Coorest Carbon Standard to tokenize their carbon absorption and join the carbon market.
Unlike the traditional system, carbon capture projects in the Coorest ecosystem can sell carbon compensation directly to buyers. This removes the need for intermediaries and makes the process fast and straightforward.
Making the carbon market accessible
Coorest allows carbon capture projects to connect with the carbon market, regardless of their size or physical location.
Bringing revenue back to carbon capture projects
After a carbon capture project joins the Coorest ecosystem, it gets its carbon absorption tokenized by Coorest for free.
The project receives ownership of all generated CO2 tokens, allowing it to sell them at market price and keep the entirety of the generated revenue. This is in contrast with the current system in which carbon capture projects receive a fraction of what their carbon compensation is worth.
Having an independent carbon capture project join the Coorest ecosystem sets an important precedent that will only expand the adoption of blockchain carbon compensation. Its revolutionary benefits are poised to forever change the carbon market — incentivizing people from all over the globe to effectively fight against climate change.