Hemp Carbon Standard Announces Sale of Carbon Removal Units to Net Zero Company
Share
Calgary, Alberta – September 26, 2024 – Hemp Carbon Standard Inc. (“HCS”), a subsidiary of Hempalta Corp. (TSXV:HEMP), is pleased to announce its new partnership with Net Zero Company (“NZC”), a Stockholm-based company dedicated to advancing carbon removal accessibility. This collaboration is marked by NZC’s initial purchase of 50 CDRs from the HCS, which will lay the foundation for large-scale CDR transactions in the future.
By engaging in this partnership with Hemp Carbon Standard, Net Zero Company is positioning itself to digitize significant volumes of CDRs and put them on the blockchain with the aim of increasing accessibility, transparency, and trust in the carbon market.
Tim de Rosen, CEO of HCS, said, "We are pleased to partner with Net Zero Company. The transaction is an initial one that will illustrate the effectiveness of our carbon removal methodology while also setting a benchmark for other companies to follow. Net Zero Company’s purchase of HCS carbon credits highlights their proactive approach to mitigating climate impact and underscores the importance of regenerative agriculture in the hemp industry."
HCS is 50.1% owned by Hempalta Corp. and is headquartered in Calgary, Alberta. The HCS methodology is designed to quantify and certify the carbon sequestration achieved through the cultivation of industrial hemp, providing a robust framework for generating high-quality carbon credits.
Håkan Nordkvist, CEO of NZC, commented, “We are excited to partner with Hemp Carbon Standard on the initiative. This purchase is an initial step towards building a diverse pool of carbon removals and enhancing accessibility to real-world CDRs through our CDR Token. By supporting regenerative agriculture we are making progress toward a net-zero future.”
How does HCS remove and store carbon?
HCS facilitates the transformation of conventional croplands to vast carbon sinks through the implementation of regenerative agricultural methods which remove CO2 from the atmosphere and store it in the soil. Industrial hemp is a fast-growing species with high carbon removal capacity. Once the biomass is harvested it is converted into biochar, ensuring the long-term storage of the removed carbon.
How are the CDRs measured, monitored, and verified?
HCS incorporates cutting-edge technology including flux towers and Sentinel 2 satellites to measure the net ecosystem exchange (“NEE”), which refers to the carbon flux within a particular area. If the NEE value is negative, it means that carbon is being removed from the atmosphere. These measurements are constantly ongoing, and the results are verified annually by independent third-party verification bodies.
How are the farmers compensated?
Farmers and landowners are motivated to join the HCS program due to the financial incentives offered for transitioning to regenerative hemp agriculture. These incentives are funded by the revenue from CDR sales, which are generated as a direct result of the land transformation. Participants in the HCS program initially commit to a minimum of 10 years, however they are strongly incentivized to maintain the improved practices indefinitely, greatly enhancing the durability of the stored carbon.
For more information about Hemp Carbon Standard and its carbon credit offerings, please visit https://hempcarbonstandard.org.
