Seattle-based Mast Reforestation, which uses autonomous aerial drones to replant burnt forests, has garnered a valuation of $81m, making use of the world’s growing interest in carbon credits. While investment in carbon credits is forecast to grow to $1tn by 2037 as companies look to meet their 2050 net-zero carbon emissions targets, experts remain sceptical of the effectiveness of the market in reducing emissions. Mast Reforestation’s CEO Grant Canary said the growing interest in carbon credits will give his company the two things it needs to scale – carbon offset money and private investment from environmentally minded investors. Mast’s next large project is reforesting 2,700 acres of burnt forest in Montana around Yellowstone National Park after replanting the 300-acre Henry Creek forest in Western Oregon with its drone and seedling process in late 2020.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...