Scope Carbon Announces Receipt of Initial Mapping Data From Farm Flight and Provides Update

Scope Carbon Corp. announces that further to the terms of its Business Co-Operation Agreement with Farm Flight, Inc., an Arizona based crop intelligence company. The Company has now received its initial package of unprocessed data, which will be used, among other things, in the initial training of its technology.

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.”

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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.

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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.

“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.

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