veritree Partners with Samsung to Plant Millions of Trees in 2022
Blockchain-Based Project to Benefit Climate, Community, and Economy
VANCOUVER, B.C., Jan. 5, 2022 /PRNewswire-PRWeb/ -- veritree, the restorative platform that connects mission-driven companies with nature-based solutions, today announced a partnership with Samsung Electronics America to plant two million mangrove trees in 2022. Through the project, veritree brings together Samsung and Madagascar-based tree planting partners to have a collective positive impact on climate, ecosystem, and community, employing veritree's unique nature-based technology platform to manage, monitor, verify, and track the project's regenerative impact over time.
Mangroves are unique, widespread, salt-tolerant trees that grow in brackish and oxygen-depleted water. They support a rich biome for many species, while creating a natural barrier against hurricanes, tsunamis, and rising sea levels. Madagascar's mangrove forests also harbor a unique ecosystem: many of its species and plant life are found nowhere else on the planet. Madagascar has lost some 20 percent of its mangrove forests to timber, charcoal production, and agricultural expansion. The Samsung-sponsored restoration project managed by veritree will restore this critical habitat, and help protect its rich biodiversity.
The project will provide significant benefits to the local communities, whereby locals are paid a fair wage for their tree planting and monitoring efforts. Once established, a revitalized mangrove coastline will also play a role in restoring the local fishing economy, providing nearby communities with both a source of food and recurring income.
The mangrove project will also become an effective carbon sink, as coastal mangrove forests store more carbon than almost any other forest on Earth. Together, these two million trees have the potential to sequester an estimated one billion pounds of CO2 in 25 years - an impact that would take between 50 and 100 years if planting with trees from terrestrial ecosystems.
What's more, the resilient, fast-growing and easily established mangrove forests can be regenerated and restored quickly and more easily than other forest types, meaning that these benefits can be realized in the span of decades, rather than centuries.
"veritree and Samsung share a vision for a restorative, circular economy that benefits all," said veritree CEO Derrick Emsley. "By working together, we're showcasing the tremendous value that our technology can bring to brand partners who want to make a comprehensive, verifiable, positive impact on replenishing nature's diversity, invigorating local communities, and combating climate change."
The partnership with Samsung helps the company fulfill its larger commitment to address climate change and enable a circular economy through its products, practices, and operations.
"To fight the climate crisis, it takes a multi-pronged effort that includes minimizing waste, conserving resources and replenishing nature," said Mark Newton, Head of Corporate Sustainability at Samsung Electronics America. "No company can do this alone, which is why we seek out the most innovative companies to partner with to address issues as pressing as this. veritree, with its novel use of blockchain and API technology to track and visualize the restorative impact of tree-planting, helps us to deliver meaningful eco-solutions we need."
ABOUT VERITREE:
veritree is a reforestation platform that connects nature-based solutions with mission-driven companies ready to lead the restorative economy. With on-the-ground monitoring and blockchain verification, veritree improves transparency and trust through data and tools that restore ecosystems, revitalize communities, and fight climate change. Founded by tentree, the clothing brand that pioneered customer-engaged tree planting, veritree scales consumer-centric planting programs between planting organizations and corporations around the world. veritree's mission is to plant and verify one billion trees within the decade. For more information, visit http://www.veritree.com.
Media Contact
Tim Gnatek, Blue Practice, +1 (415) 342-6632, [email protected]
SOURCE veritree
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