we support advances in verification technologies and look forward to working with ClimateVerify now and in the future.
St. Louis, MO (PRWEB) July 7, 2009
TeraVista Systems, announced this week that the company's ClimateVerify technology platform has been approved as a verification provider by the Chicago Climate Exchange® (CCX). The Company has been working with the CCX Offset Committee for the past year in developing a new CCX Carbon Sequestration Remote Sensing Verification Protocol for Agricultural Soil Practices. This protocol was approved in February, 2009, and TeraVista was approved as the first verifier for this protocol in May, 2009.
National Farmers Union's Carbon Credit Program plans to use the remote sensing verification technology with a new pool of conservation tillage enrollments later this summer. Dale Enerson, NFU Carbon Program Director, says "we support advances in verification technologies and look forward to working with ClimateVerify now and in the future."
ClimateVerify utilizes remote sensing and proprietary GIS analysis to verify compliance for the Chicago Climate Exchange protocols established for agricultural soil offset credits. The protocol requires no-till and minimum-till crop production systems for the purposes of capturing (sequestering) atmospheric carbon through photosynthesis during crop growth, and allowing crop residue to remain on and in the soil, wherein the vegetative matter will decompose to stable organic carbon.
"ClimateVerify™ provides verification of 100% of acres in a pool of credits for the same cost current manual verification requires for only 10% of a pool. This increases the integrity of the total pool through more accuracy, transparency and efficiency," said Chris Carl, VP Product Strategy at ClimateSuite. "Current practices are cost prohibitive due to the manual processes involved. In addition, scaling to meet the offset demands under a federal cap and trade would be extremely challenging. We believe we have solved this first step in agriculture land-based offsets and continue to research and develop for other protocols."
About ClimateSuite™ and ClimateVerify™
TeraVista Systems created and manages a CO2 Offsets Portfolio Management Platform that helps carbon market participants manage their efforts and increase the validity, transparency and the ultimate value of carbon offsets in the marketplace. ClimateSuite™ automates and streamlines the complex processes involved in the carbon market. Operations including producer enrollment, credit verification, registration, inventory management and reporting, and trade reconciliation are managed by ClimateSuite. Aggregators license the ClimateSuite system to address the challenges of cost effective scale, management of evolving complex standards, as well as trading flexibility that existing solutions are not equipped to address. ClimateVerify™ is the first remote sensing verification service for agricultural based offset credits. Using proprietary processes, ClimateVerify leverages GIS technologies to provide a more reliable, more comprehensive, and more cost effective service than the alternative of manual verification consultants. To find out more about these market leading services, please visit ClimateSuite Website.
CCX is an Exchange whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX, which began trading in 2003, is the world's first and North America's only legally binding, rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and mitigation, including offset providers and offset aggregators, and located throughout the United States. CCX members derive from all sectors of the global economy, including the public sector, and emissions reductions being achieved through CCX by major utilities, corporations, cities, states and counties, are the only reductions in North America being achieved through a legally binding compliance regime, subject to independent third party verification provided by FINRA and price transparency. The founder, Chairman and CEO of CCX is economist and financial innovator Dr. Richard L. Sandor, who was named a Hero of the Planet by Time magazine in 2002 for his founding of CCX, and in 2007 as the "father of carbon trading."
Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures and options contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation, the only active independent futures clearinghouse in the world. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry.
CCX, a U.S. corporation, launched its trading platform in 2003. In 2005, CCX launched the European Climate Exchange (ECX), now the leading exchange operating in the European Union Emissions Trading Scheme. Since 2006, both CCX and ECX have been owned by Climate Exchange plc, a publicly traded company listed on the AIM division of the London Stock Exchange (CLE.L).