ERS Raises €5M to Develop High-Integrity Restoration Standard for Voluntary Carbon Markets
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- With over two billion hectares of degraded lands worldwide, an area twice the size of Europe, there is an urgent need to increase restoration efforts.
- After two years of R&D, the Ecosystem Restoration Standard secures financing from top-tier investors, led by LocalGlobe and RAISE Seed for Good.
- The 5M€ seed round will accelerate the development of digital monitoring, reporting, and verification on the voluntary carbon markets.
[Press release] Paris (France), March 9, 2023 - The Ecosystem Restoration Standard (ERS) is launching a next-generation standard to certify restoration projects on the Voluntary Carbon Markets (VCMs). ERS assesses and monitors the impact of restoration projects on climate, biodiversity, and local livelihoods. Following an extensive pilot phase, including tests with project developers on the ground, ERS has secured €5M in seed funding from top-tier investors.
The investment will support the ongoing development of digital measurement, reporting, and verification (dMRV) technologies ahead of the standard’s first certifications later this year. The company is investing heavily in satellite data, artificial intelligence, and mobile-native tools to streamline certification and improve the traceability of certified projects. The company’s team includes experts and PhDs in remote sensing and deep learning.
With the development of modern certification processes, ERS aims to reduce barriers to entry that have historically stifled access to the VCMs for smaller-scale restoration projects.
According to Thibault Sorret, co-founder and CEO of ERS:
"Less than 5% of credits on the voluntary carbon markets come from reforestation projects, and of those, most are industrial plantations of non-native species. We strongly believe that more financing needs to go to smaller-scale restoration projects. That starts with building a standard designed to assess and monitor projects’ impact on climate, biodiversity, and local livelihoods.”
Founded in 2020 by Thibault Sorret (CEO) and Priscille Raynaud (Director of Operations), the Ecosystem Restoration Standard was built in a context where the voluntary carbon markets present a challenge for astute buyers. As historical inventories deplete, projects are sold at multiples of their true cost, profiting middlemen rather than projects and communities on the ground.
The company's founders believe that the Ecosystem Restoration Standard will enable more financing to reach restoration sites. The standard, which will be released for public consultation later this month, stipulates that at least 70% of the financing needs to go to the project. In doing so, the company hopes that its upcoming standard will enable restoration projects to play a critical role in meeting global climate and biodiversity objectives.
Ferdi Sigona, Partner at LocalGlobe explains:
“As the climate crisis becomes ever more pressing, carbon markets are an invaluable tool in introducing a cost that companies must associate with their emissions. Yet, as is evident from research recently highlighted by the media, these markets are being held back by a lack of consistency, trust, and scalability. We believe technology can play an important role in addressing these issues, for example by displacing old ways to design and certify projects. The ERS team has built a new standard for carbon projects that is faster, tech-enabled, and at the same time accessible for smaller community projects. We are excited to back them in their mission to restore degraded ecosystems all over the world.”
Angélique Elizé, Investment Director at RAISE Seed for Good adds:
“We believe in the team's capacity to create the next certification standard for impactful projects. Their leading-edge technology enables transparency and efficiency, relieving a significant pain point in the current market. We fully believe in their vision and what they are building.
Noé Gersanois, Co-Head at RAISE Sherpas concludes:
“Raise Sherpas is thrilled to participate in ERS’ seed round. We were very impressed by the team and believe in their vision that technology will create a new market standard when it comes to certifying high-quality projects on the Voluntary Carbon Markets.”
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About the Company
The Ecosystem Restoration Standard is a certification for nature-based restoration projects on the Voluntary Carbon Markets. It is designed to empower small-scale, community-led restoration efforts that combat climate change, uplift biodiversity, and improve livelihoods.
By integrating next-generation dMRV (Digital Monitoring, Reporting & Verification) into the Standard we are able to continuously track progress across multiple baselines, providing greater traceability and transparency for project developers and buyers.
To learn more visit our website https://www.ers.org
Key Figures & Facts
- Founded in December 2020 by Thibault Sorret and Priscille Raynaud
- 23 employees from 7 nationalities, a remote-first company headquartered in France
- Raised a €5M seed round led by Localglobe and RAISE Seed for Good
- Validated standard design on 3 pilot projects in Panama, Costa Rica and Madagascar
- Deep expertise in remote sensing technology, the team includes PhDs, data scientists and data engineers
- Co-developed with project developers on the ground
- Technology was built in partnership with the European Space Agency and French Space Agency
- Worked with world-renowned climate, biodiversity, and livelihood experts during 2 rounds of private consultation
Press Contacts
Pauline VETTIER Press Officer | Thibault Sorret Co-Founder and CEO +33 (0)6 46 34 35 64 |
Media room - The Ecosystem Restoration Standard