VANCOUVER, British Columbia, Nov. 15, 2022 /PRNewswire/ -- Scope Carbon Corp. (CSE: SCPE) ("Scope" or the "Company") announces that further to the terms of its Business Co-Operation Agreement dated June 3, 2022 with Farm Flight, Inc. ("Farm Flight"), an Arizona based crop intelligence company. The Company has now received its initial package of unprocessed data (the "Data Package"), which will be used, among other things, in the initial training of its technology (the "Scope Analysis Platform").
The Data Package collected by Farm Flight's advanced imaging technology, is intended to be used for creating carbon verification metrics. The technology that is anticipated to be derived from Farm Flight and Scope's collaboration is expected to create a new way for consumer packaged goods companies to track carbon sequestered out of the atmosphere by their farmers. Using the data products that Farm Flight and Scope are creating, companies will gain the ability to reach carbon neutrality faster.
"Farm Flight has extensive experience in consistently gathering high-quality imagery and meta-data which is key for accelerating Scope's Neural Network Core development and enhancing its already amazing accuracy" commented Sean Prescott, the Non-Executive Chairman of Scope. "Scope's partnership with Farm Flight allows both of our companies to combine our resources and greatly enhance our respective technologies. We look forward to our continuing collaboration with them."
"Farm Flight has been a pioneer of image based crop data and has long understood the breath of application of its technology commercially and holistically" stated Sam Baker, Chief Executive Officer and Co-Founder of Farm Flight. "This alliance with Scope extends our expertise into the fight against climate change, and, we expect it will enable us to enhance our technology and the service we can provide to our customers."
Scope's Position Within The Voluntary Carbon Market
The Company's long term development is based on the utilization of self-learning image recognition technology to the rapidly expanding voluntary carbon credits market. Using the Scope Analysis Platform, Scope intends to act a service provider for carbon credit forest certification firms, private forest owners and carbon credit project developers. Once fully utilized, Scope's technology is expected to effectively streamline the collection of data used to evaluate potential carbon credits and reduce potential of damage to ecosystems through human intervention.
The quality and integrity of carbon credits, amidst other general practices seen such as "greenwashing", have become a particular concern in the voluntary carbon credits market and led to the establishment Integrity Council for the Voluntary Carbon Market in September 2021. The Integrity Council for the Voluntary Carbon Market are currently preparing Core Carbon Principles, Assessment Framework and Assessment Procedure. In a market where integrity is a growing concern, Scope believes it can offer transparency and relative real-time data that will allows parties to make informed and verified decisions on carbon credit transactions.
The energy transition is also firmly underway. While global demand for energy continues to rise, increasing pressure from governments, investors and consumers to support decarbonisation has spearheaded radical change. Among others, mining issuers are also feeling this pressure and subject to increasing accountability to conform to environmental, social and governance ("ESG") principles and either disclose their emissions or explain the basis for failing to do so. Scope is of the opinion that it will be very uniquely positioned to assist both industries, acting as a service provider to carbon credit parties and also providing an end-to-end diagnostic tool to companies in the mining sector to assist them in calculating their carbon emissions.
The Company also recognizes that ESG principles have become mainstream values for many companies and investors. In recognition of this, the Company's CEO, James Liang, is currently enrolled and awaiting certification from the Harvard Business School on several courses which explore the landscape of sustainable investing and how to factors ESG principles into effective business management. Scope recognizes that it cannot simply rely on the strength of the Scope Analysis Platform and believes that companies operating in the carbon credits will be subject to increased scrutiny to conform with ESG principles, and the Company's success requires Scope to be a leader in this respect.
Voluntary Carbon Credits Are Fast Becoming a Commodity
In August 2021, the Chicago Mercantile Exchange ("CME") began offering nature-based global emissions offset ("N-GEOs") futures contracts as a new type of standardized futures contract that can be used by companies to lock in the cost of carbon offset credits that they expect to need to offset future carbon emissions. These are similar to global emissions offset futures contracts, called GEO futures, that began trading on the CME in March 2021. GEO futures cover all qualified carbon offset types, and the spot price listed on the CME for GEO futures is a single price that does not differentiate among the offset methodologies. N-GEO futures let companies buy and sell nature-based carbon offsets exclusively if they prefer, for a price that reflects that particular type of offset rather than all carbon offsets.
The drive for nature-based solutions coupled with higher trading volume and prices led to a quadrupling in voluntary carbon market value in 2020. In 2021, the total value of the market was estimated at USD $2 billion. At the beginning of August 2022, the voluntary carbon market value had already breached the USD $2 billion historical high and is poised for further expansion by the end of 2022.2
Management Commentary
"We believe that Scope, upon commercialization of the Scope Analysis Platform, is very uniquely positioned to capitalize on the emergence of the voluntary carbon credits market, which we consider to still be very early stage " said James Liang, Chief Executive Officer of the Company. "Integrity is quickly also becoming the cornerstone principle in this sector. We intend for Scope for not only to be a leader in ESG principles but also, through the application of the Scope Analysis platform, to be a facilitator of verification and transparency in carbon credit projects and transactions" added Mr. James Liang.
About Farm Flight, Inc.
Farm Flight is an image based crop intelligence platform based in Tempe, Arizona. Farm Flight's integrative platform combines data collection services, UAS technology, and various machine learning products into a single solution for customers throughout the supply chain. The technology that Farm Flight creates enables regenerative agricultural practices, mitigates waste, and helps producers increase their yields.
About Scope Carbon Corp.
Scope is a carbon mapping technology company located in Vancouver, British Columbia and is focused on the commercial development of its AI-driven image software, which the Company intends to use for the identification and estimation of carbon-based lifeforms and carbon emissions, both key components in the identification of carbon credits.
The Company is currently focused on the commercial development of the Scope Analysis Platform through its research and development program, to expand the capabilities of the Scope Analysis Platform and provide a one-tool solution in carbon mapping for agriculture, forestry, and other land use projects.Contact Information
James Liang, CEO
info@scopecarboncorp.com
(604) 683 0911
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the application of the Data Package, the training and application of the Scope Analysis Platform, the continued relations between the Company and Farm Flight and the benefits of the same, the application and effects of the Scope Analysis Platform in the voluntary carbon credits market, the future prospects of the voluntary carbon credits market, the application of the Scope Analysis Platform in carbon credit transactions and ability to provide transparency to the same, the ability of the Company to become a leader in ESG principles and the increase in demand of carbon credits. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company's prospectus dated August 10, 2022, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. While Scope considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, continued satisfaction of Canadian Securities Exchange requirements, product safety and recalls, regulatory compliance and risks associated with the Company's business. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the risk factors set out in the Company's prospectus dated August 10, 2022, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
ENDNOTES:
1. "Here's how the mining industry can respond to climate change", August 27, 2020, McKinsey, accessed on October 4, 2022, https://www.mckinsey.com/capabilities/sustainability/our-insights/sustainability-blog/here-is-how-the-mining-industry-can-respond-to-climate-change
2. "VCM Reaches Towards $2 Billion in 2021: New Market Analysis Published from Ecosystem Marketplace", August 3, 2022, Ecosystem Marketplace, accessed on October 4, 2022, https://www.ecosystemmarketplace.com/articles/the-art-of-integrity-state-of-the-voluntary-carbon-markets-q3-2022/
Logo - https://mma.prnewswire.com/media/1856862/Scope_Carbon_Corp_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/scope-carbon-announces-receipt-of-initial-mapping-data-from-farm-flight-and-provides-update-301679281.html
