New $1M Facility Focused On Nature-Based Carbon Projects Launched At COP28

New US$1M Facility Focused On Nature-Based Carbon Projects Launched At COP28 - Carbon Herald

The NUS Decision Theatre, a new $1 million initiative fostering collaboration on nature-based carbon projects in Southeast Asia, was unveiled today at the COP28 climate conference in Dubai, the National University of Singapore (NUS) said in a statement.

Developed by the NUS Centre for Nature-based Climate Solutions (CNCS) and ST Engineering Geo-Insights, this scenario-modeling facility targets uncertainties in government policies and market conditions surrounding nature-based carbon credits.

Aimed at policymakers, investors, and project developers, it seeks to help them achieve optimal credit sourcing or establish new projects.

Professor Koh Lian Pin, Chief Sustainability Scientist at NUS, highlighted the platform’s role in enhancing cross-border carbon credit trading efficiency, fostering international cooperation, and creating economic opportunities.

The Decision Theatre, accessible at NUS’s Kent Ridge campus or remotely, utilizes satellite imagery of carbon-rich forests in Southeast Asia.

Users can dynamically adjust parameters like credit type, participating countries, carbon price, and project duration for real-time economic and co-benefit calculations.

Nature-based carbon projects generate credits through forest conservation or restoration, contributing to greenhouse gas reduction; however, uncertainties lie in national policies affecting credit availability for international trading.

The NUS Decision Theatre addresses these uncertainties by mapping out various carbon credit types—conservation, restoration, and high-forest, low-deforestation (HFLD)—across ten Southeast Asian countries.

Relevant: New Report Says Countries Are Over-Relying On Reforestation Rather Than Fossil Fuel Phase-Out

Originating from the Carbon Prospecting Dashboard launched at COP27, the new facility goes beyond, allowing rapid calculations on the region’s carbon credit pool size, aiding users in sourcing compliant credits, identifying project sites, and calculating potential returns.

NUS CNCS plans to extend its scope to the Asia-Pacific region and other tropical areas in subsequent phases, Professor Koh was quoted as saying by Singaporean daily The Straits Times.

Moreover, the Decision Theatre incorporates evaluations of climate change impacts and potential risks to surrounding communities from implemented carbon projects.

Thus, the initiative serves as a pivotal tool in navigating the evolving landscape of nature-based carbon projects, facilitating informed decision-making and fostering regional cooperation in the pursuit of sustainable solutions.

Read more: 131 Companies Call For COP28 Agreement To Phase Out Fossil Fuels

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