Forestry data analytics company Treemetrics has signed a €1.2 million contract with the European Space Agency (ESA) that will see the company use satellite imaging, data analytics and its advanced forest measurement technology to provide more accurate forest carbon credit estimates.
The announcement follows news in June that the Cork-headquartered company had gained the support of the ESA for its forestry management and carbon certification platform.
The new contract taps into the growing global demand for forest carbon credits, which Treemetrics says quadrupled in 2021 as companies moved to reduce their carbon footprint.
“The measurement and management of forests will be a key factor in the global community’s efforts to tackle the effects of climate change and to live and operate sustainably,” said Enda Keane, chief executive of Treemetrics. “It is essential that we accurately measure and harness one of our greatest natural resources, forests, and this is what Treemetrics has been working on since its foundation.”
The announcement was welcomed by Damien English, Minister of State for Business, Employment and Retail. “This announcement highlights the importance of our Government’s continued investment in the ESA which provides companies like Treemetrics with free access to space data in order to develop their innovative technologies,” he said.
Founded in 2005 by Mr Keane and Garrett Mulloly, Treemetrics has worked in more than 40 countries, developing a forest monitoring platform that replace traditional methods of managing forests. It captures and analyses forestry data to help enable forest owners and managers to maximise sustainable production and profitability.