The Carbon Prospecting Dashboard was jointly developed by the Centre for Nature-based Climate Solutions (CNCS), a research centre at the National University of Singapore (NUS), and ST Engineering Geo-Insights. This distinctive dashboard is an interactive mapping software that will assist in the management, development, and prospecting of high-quality nature-based carbon credit projects worldwide.
The dashboard focuses on the protection of natural ecosystems that are carbon-rich, such as mangroves and tropical rainforests. Potential investors and policymakers are able to use the dashboard to identify where nature-based carbon credit projects can be developed. Other positive benefits of projects are also included in the platform, allowing users to view the conservation of key biodiversity areas, pollination services and nitrogen retention areas. Currently in its beta version, the platform will allow users to calculate the approximate yield of carbon credits and their financial rate of returns, based on user-defined project assumptions, such as project costs, carbon prices, and project duration.
Carbon is frequently viewed as a commodity now, but the carbon prospecting process is very often arduous and expensive. The demand for good and high-quality nature-based carbon credits far exceeds the supply. This dashboard can aid users in seeking out the most ideal and promising carbon project sites, which will deliver the highest benefit for the climate, people, and biodiversity.
In order to fill major research and developmental gaps, such as uncertainties of where the most promising carbon stock is located or how does the future increase in carbon prices enhance the economic prospect of nature protection, the Carbon Prospecting Dashboard was developed after going through recently published peer-reviewed studies and ongoing research that was led by CNCS researchers.
Through this dashboard, government, businesses and civil societies can ensure that they are able to address the dual global crises - of climate change and biodiversity loss through high-quality carbon projects in order to turn off the tap of emissions while reducing the amount of carbon dioxide in the atmosphere.
What was said about the Carbon Prospecting Dashboard;
Professor Koh Lian Pin, Director of NUS CNCS said - “This made-in-Singapore dashboard could be a game-changer for nature-based climate solutions globally. Carbon finance has the potential to channel much-needed funding to forest and mangrove conservation to tackle climate change and safeguard precious biodiversity. However, the lack of timely access to reliable data on the costs and benefits of prospective projects has been a major obstacle for many nature-based carbon projects to get off the ground. With this platform, policymakers and investors have the information they need at their fingertips.”
Mr. Goh Ing Nam, General Manager of ST Engineering Geo-insights said - “ST Engineering brings to this joint effort its geospatial analytics capabilities and experience in providing value-added insights to broad industry sectors. This cloud-based platform for carbon prospecting will position us well in the future development of a digital Monitoring, Reporting and Verification platform to expand our nature-based carbon solutions toward decarbonisation.”