TraceSafe Inc. (CSE: TSF) (“TraceSafe”) is a global leader in the Internet of Things (IoT) platforms and complete decarbonization solutions, announced today that it had completed approvals for two of the highest standards of carbon offset verification – Verra and Gold Standard.
The Company pivoted from providing IoT wearables solutions to providing Carbon Solutions. Knowledge gained in the wearables space has efficacy in the Smart Cities and Carbon Space.
(Most of the following bits were grabbed from the latest PR)
ShiftCarbon provides an intuitive platform for carbon accounting, offsetting and MRV (Measurement, Reporting and Verification) automation of carbon offsets using modular software and IoT sensor technology. The Taskforce on Scaling Voluntary Carbon Markets (TSVCM) and McKinsey estimate that demand for carbon credits could increase by 15 or more by 2030 and by a factor of up to 100 by 2050. Overall, the market for carbon credits could be worth upward of $50 billion in 2030.
TSF will soon announce the date of the stock symbol change.
ShiftCarbon will enable the following:
- Transparent and credible offset purchases from verified projects across the world
- Mitigation plan powered by asset-level data and insights using sensors and IoT
- Reporting frameworks for compliance and stakeholder engagement
- Measurement of Scope 1,2 and 3 carbon emissions across the supply chain
Carbon credits, also known as carbon offsets, permit the owner to emit a certain amount of carbon dioxide or other greenhouse gases. One recognition enables the emission of one ton of carbon dioxide or the equivalent of other greenhouse gases.
The carbon credit is half of a so-called “cap-and-trade” program. Companies that pollute are awarded credits that allow them to continue to pollute up to a specific limit, which is reduced periodically. Meanwhile, the Company may sell unneeded credits to another company that needs them. Private companies are thus doubly incentivized to reduce greenhouse emissions. First, they must spend money on extra credits if their emissions exceed the cap. Second, they can make money by reducing emissions and selling excess allowances.
Investors like the pivot and retention of the TSF tech, as the share price has doubled since October 13th, 2022. Indeed, shares have risen a whole CDN$0.03 cents today. Volume at 1 pm est is already more than three times the average daily volume.
Wayne Lloyd, TraceSafe CEO; “Since inception, we have created valuable solutions that make a real difference to customers. We introduced health tech to make hospitals efficient and then safety tech that enabled people to come together during the pandemic. Decarbonization is the next frontier that will bring together our expertise in creating tailored IoT solutions for our global customers. The name change solidifies our commitment in this direction as we seek to bring highly credible technology-based solutions to the carbon markets.”
The neatest thing here for investors is that TSF could have developed their tech alone and likely been quite successful. By morphing into /new/related and very relevant areas of carbon credits, it is expected that the growth vision of management still needs to be done. And given how crappy/volatile markets have been, the fact that investors have rewarded the shares should keep it on radars.
“This a huge milestone for ShiftCarbon as we gather momentum towards capturing a new market. One of our key objectives is to provide credibility and meet the highest standards in carbon offsets. With Verra and Gold Standard registries, our customers can be sure of the impact of their action,” said Wayne Lloyd, CEO- ShiftCarbon.”
Keep an eye on TSF/ShiftCarbon. It appears the surprises will keep coming, not to mention social and climate relevance.