By Sheldeen Joy Talavera, Reporter
SINGAPORE-BASED Carbon Sync Ventures hopes to help grow the carbon credit market in the Philippines by using digital platforms to track, certify, and trade carbon credits, while also supporting the development of local emissions-reduction projects.
“The primary aim… first one was always to improve integrity, transparency, as well as the data availability and the efficiency of the carbon markets and sustainability markets overall,” Carbon Sync Chief Executive Officer Wesley Quek said in an interview with BusinessWorld.
Mr. Quek said the company has worked with Google and other partners to build a digital platform that helps record, verify, and manage carbon credit projects, particularly those involving the protection or restoration of natural ecosystems. Registries are used to issue, monitor, and eventually retire carbon credits.
Carbon Sync is also proposing to directly develop projects in the Philippines, he said, after engaging with local governments in Sorsogon, Bohol, and Mindoro to present community-based initiatives.
One such project involves biochar, a type of charcoal made by heating organic materials in low-oxygen conditions.
The process prevents carbon from being released into the atmosphere and allows the carbon savings to be converted into credits that can be traded.
A carbon credit is a certificate that represents one ton of carbon dioxide that has been avoided or removed from the atmosphere. These credits can be bought by companies or governments to offset their own emissions, often as part of their sustainability targets.
Recently, asset manager Farosson invested in Carbon Sync Ventures and launched Farosson Digital & AI Technologies, a digital platform powered by artificial intelligence to manage carbon credit transactions.
The system includes tools for tracking, verifying, and retiring carbon credits, and uses blockchain technology to secure records.
Mr. Quek said the company sees the Philippines as a launchpad for its expansion in the region due to the country’s growing renewable energy potential and strong digital infrastructure.
Using its platform, developers of environmental projects can upload data and documentation, while buyers can monitor the progress and results of the projects they are supporting.
“If we are going to commercialize or let the carbon credit industry gain widespread adoption, it has to be accessible to the everyday user,” Mr. Quek said.
“If someone isn’t technical on some level or keeping up with the hundreds of methodologies coming out every year, you would not be able to keep up with the terminology, the trends or even the metrics to which you measure some of these projects,” he added.
Mr. Quek said the Philippine government could help support the market’s growth by creating clearer rules to promote transparency and access to data.