The Tree Carbon Exchange (CO2x) project was established to accelerate the scale and pace of the civic engagement needed to plant trees to mitigate the impacts of climate change and was launched in response to the government’s pledge to plant millions of trees a year to help the UK to meet its CO2 emissions targets . With the Climate Change Committee suggesting that 30-60 million trees must be planted every year until 2050 , clearly tree planting at this scale imposes significant economic, environmental and logistical challenges .
The proposed CO2X framework enables small scale woodland projects, consisting of just one tree or many, to derive the same economic incentive from the carbon offset markets as large operators. By opening up the economic benefits of the carbon offset market to every landowner, this initiative offers the UK a simple market-driven approach to achieve its tree planting ambition at the scale and pace needed to meet the government’s emission targets. The CO2X framework represents an innovative approach to validating newly planted trees and verifying the CO2 captured by them, using Fintech and smartphone technology.
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