- Grosvenor’s UK property business to fund reforesting over 1,500
hectares of mangroves in Keta Lagoon, Ghana, creating nearly 200
jobs and training 350 community members
- Terraformation’s Accelerator has secured commitments to restore
nearly 25,000 hectares of biodiverse, native forest around the
world
Terraformation, the native forest restoration company founded by
former Reddit CEO Yishan Wong, has partnered with Grosvenor’s UK
property business on the sale of the initial Verified Carbon Units
(VCUs) from Terraformation’s Seed to Carbon Forest Accelerator.
Grosvenor’s investment into reforesting mangroves in Keta Lagoon,
Ghana, will deliver 15,000 tCO2e between now and 2030, at an
average price just below $50 (USD) per tonne, with payments based
on project milestones to support the scaling of the forest
restoration over the first two years. The project will sequester an
estimated more than one million tCO2e by 2064.
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Image courtesy of ReDAW. Mangrove
reforestation in progress.
Known as Regenerative Development of Anlo Wetlands (ReDAW), the
mangrove project is implemented by ReDAW Ltd and ReDAW Foundation
and will restore 1,536 hectares of mangroves on degraded wetlands
and bring significant community benefits. These benefits include
training 350 local people and creating full-time jobs, with over
50% held by women, to plant and care for the mangroves and broader
ecosystem through regenerative aquaculture, agriculture and
apiculture (beekeeping). Increased food and community security,
environmental resilience and improved resource management are a few
of the many direct impacts the mangrove restoration project will
have on the chiefs, elders and local communities.
Joella Korczak, Chief Programme Officer, ReDAW, said:
“The land in this area is prone to floods in the wet seasons and
extended drought periods in the dry season. Restoring mangrove
forests offers flood resilience through natural water management.
The improved ecological function and enhanced fisheries resulting
from more mangroves contribute to increased food production,
ensuring better food security for the community. Restoring and
preserving mangrove ecosystems will enhance community well-being
while creating alternative livelihoods.”
The ReDAW project represents Terraformation and Grosvenor’s
commitment to nature-based solutions to meet ambitious climate and
biodiversity goals through investments that increase capacity and
ensure the quality needed to grow the voluntary carbon market. The
project is now available on Verra and could potentially expand to
restore an additional 8,445 hectares of the Keta Lagoon area.
Grosvenor Property UK was the first European real estate company
to have a validated long-term science-base target and one of the
few to have a published offset strategy. Reducing carbon emissions
is their priority, and they have already delivered a 32% reduction
in emissions across all scopes. The company understands the
importance of mitigating emissions they can’t immediately reduce,
and have committed to sourcing high-quality carbon credits with
strong co-benefits for their entire carbon footprint by 2025,
taking a climate-positive approach on their pathway to net
zero.
Seed to Carbon Forest Accelerator’s
High-Quality Projects
The ReDAW project marks the first VCU sale from Terraformation’s
Seed to Carbon Forest Accelerator. This biodiversity-focused,
carbon-funded program supports global forestry teams to develop
shovel-ready native reforestation projects. Funding and support,
including early-stage investment, feasibility assessments, training
in native seed collection and storage and other capacity building
techniques, are offered to Accelerator participants to create
resilient and biodiverse projects that support local
ecosystems.
The Seed to Carbon Forest Accelerator brings quality carbon
credits to the market by creating high-integrity forestry projects
that prioritize biodiversity and tangible benefits to local
communities. These projects can restore trust and transparency in
the voluntary carbon market. Terraformation’s projects reflect its
investment in due diligence, including a robust methodology and
rigorous review of carbon projects across specialized teams in
finance, operations, carbon science, climate impact and community
and social benefits.
Yishan Wong, CEO of Terraformation, said: “On average,
only 11 new reforestation or afforestation projects enter the
market a year, and out of those, only a few are native-species
restoration projects. Our Accelerator combines the speed and scale
that Silicon Valley is known for with forestry expertise to unlock
access to funding and provide training, tech and seeds to start
creating a forest before a single tree goes into the ground.
“Companies like Grosvenor, which are investing upfront to build
new forests – not just buying credits from trees already
sequestering carbon – signal their commitment to making an impact
and a significant investment in their climate and nature targets. I
hope to see many other companies follow suit.”
To date, the Accelerator has guided 14 native reforestation
projects, with 12 more to come by the end of 2024, supporting the
restoration of nearly 25,000 hectares of biodiverse forests,
offering economic benefits to the local communities that steward
the forests. Forestry teams that move forward are provided the
opportunity to develop high-quality forestry projects. These
forestry projects will be available to funders in the coming
months.
Commitment to Community and Capacity
for Nature-based Solutions
Grosvenor is leading the way among corporate climate investors
in beyond-value-chain mitigation projects that have community
benefits, biodiversity and transparency as core values. Partnering
with Terraformation, which works with established forestry teams to
produce high-quality, verified carbon credits, Grosvenor delivers
real climate impact by funding the most critical stage of a native
reforestation project’s lifecycle: the first planting.
The funding to restore forests at scale goes beyond putting a
tree in the ground. It is a commitment to capacity building, where
communities develop skills, abilities and resources to unlock the
full potential of nature-based solutions and increase project
success and climate impact. Strengthening investments in future
forest projects includes equitable financial opportunities and
climate equity to landowners and local communities.
Andy Haigh, Director of Climate Positive Solutions,
Grosvenor, said: “Absolute emissions reductions remain our
priority, but corporations cannot ignore the emissions that are
more difficult to reduce. We are committed to thinking long term in
sourcing high-quality carbon offsets and want to work with partners
with integrity and deliver significant environmental and community
co-benefits through the projects we support. We see value in
helping to develop and scale projects, because early-stage funding
is desperately needed for the sector to grow, plus it allows us to
be more selective in finding projects that meet our due diligence
criteria. We have been impressed with the integrity Terraformation
has taken in developing this project and we look forward to working
with them in its delivery.”
Investment in Mangroves for Ghana’s
Coastal Communities
Mangroves play a significant role in Ghana’s coastal
communities, offering opportunities for sustainable livelihoods
that can boost local economies. Rapid coastal development,
deforestation of mangroves for agricultural purposes and increased
use of timber for fuel threaten the livelihoods of communities,
contributing to Ghana’s 30% forest loss in the past 20 years.
Lawrence Tetteh Oclo, District Manager, Keta Lagoon-Ramsar
Site of the Wildlife Division of the Forestry Commission, said:
“Our focus on supporting increased investments in reforestation
initiatives is to position Ghana as a hub for innovative green
projects like ReDAW. These projects offer substantial economic
benefits, driving both sustainable development and job creation,
and contribute to the fight against climate change. Replanting and
restoring degraded mangrove forests help reverse the damage caused
by deforestation and contribute to Ghana’s pledge to restore 2
million hectares of deforested and degraded land by 2030.”
In addition to enhancing biodiversity and improving water
quality, mangroves are one of nature’s most efficient carbon sinks,
sequestering up to four times more carbon than terrestrial
forests.
NOTE TO EDITORS
About Terraformation
Terraformation is committed to addressing climate change through
the power of native forest restoration. Our portfolio of
high-quality projects is designed to restore forests that will
remove high quantities of carbon, renew ecosystems, enhance
biodiversity, and create sustainable long-term community income and
benefits. Our project teams have planted over one million
biodiverse and native trees, stored 131 million seeds, supported 19
forestry projects, and created over 700 jobs through reforestation
efforts worldwide.
Our innovative approach not only equips local forestry teams
with training, technology, and access to capital, but also empowers
businesses to be a part of the solution to climate change. By
investing in our projects, businesses can directly address climate
change, offset carbon emissions, meet net zero commitments, and
enhance corporate sustainability initiatives.
Terraformation’s mission-driven global team, which includes
experts in forest science, carbon markets, operations management,
and business development, demonstrates how diverse backgrounds
drive innovation and create significant impact..
About Grosvenor
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Grosvenor is an international organisation whose activities span
urban property, food and agtech, rural estate management and
support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor
family and share a common purpose – to deliver lasting commercial,
social and environmental benefit – addressing today’s needs while
taking responsibility for those of future generations.
With a track record of over 340 years, we work to improve urban
property and places in many of the world’s leading cities,
promoting sustainability within the built environment and enhancing
the wellbeing of customers and communities.
Our UK property business supports c1,000 businesses and tens of
thousands of residents and workers across London’s West End each
day. We also invest in, create and manage sustainable
neighbourhoods in Liverpool and across England. As a 1.5oC aligned
company, pioneering change and new ways of thinking about property,
we aim to ensure our places benefit both people and the planet over
the long term.
About ReDAW
ReDAW is building Ghana's first blue carbon and integrated blue
economy project, both restoring mangrove forests and investing in
critical livelihood projects for partner communities. Dedicated to
sustainable development through nature-based solutions in the Volta
Region’s Anlo District, inside the heart of Ghana’s largest wetland
and where the company is based, ReDAW is addressing coastal
ecosystem loss and poverty while building climate resilience, food
and economic security through mangrove reforestation, regenerative
aquaculture, apiculture and agriculture solutions. The project team
has been carrying out projects in the Anlo area since 2020.
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Sebastian Leman 07909266898
terraformation@headlandconsultancy.com
Head of PR and Brand angela@terraformation.com