Renewable energy company ENGIE has signed a purchase agreement with clean cooking products maker ATEC for the purchase of 11.5 million tons of carbon credits.
The milestone agreement marks the first deal of its kind to be inked under Gold Standard’s new metered methodology.
This long-term agreement is specifically for carbon credits generated from ATEC’s patented IoT eCook devices sold in Bangladesh and Cambodia.
Gold Standard’s new metered methodology used to certify the carbon credits under this deal has been dubbed by University of Berkeley the most accurate of all existing cookstove methodologies.
With the recent criticisms of the quality of issued carbon credits or the problem of over-crediting, particularly such as with cookstoves, proper verification and monitoring is of the utmost importance, if the voluntary carbon market is to genuinely have an impact on climate change mitigation.
ATEC CEO Ben Jeffreys is no stranger to the problem, and in a comment on the recent deal with ENGIE he said: “Digital verification of carbon credits through device data is the only long term solution for building trust in voluntary carbon markets – as a sector we must ensure a ton is a ton.”
What makes ATEC’s eCook stove unique is that it accurately tracks usage and converts the data to certified Gold Standard credits via a sim-card IoT integration.
From that point on, buyers have the opportunity to track all credits in real-time through the company’s carbon dashboard.
In addition to benefiting the climate, ATEC’s technology is designed to improve health conditions in local households, as a further advantage compared to other alternatives.