ReSeed Expands Global Partnerships With Centre for Renewable Energy and Action on Climate Change to Cultivate New Revenue Stream from Farm-based Carbon Credits in Nigeria

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Dec 07, 2023, 08:59 ET

The partnership aims to unlock climate financing for Nigeria's 38 million smallholder farmers while further incentivizing carbon stewardship

PITTSBURGH, Dec. 7, 2023 /PRNewswire/ -- ReSeed, a leading nature-based carbon credit solutions provider, announced their partnership with the Nigerian-based nonprofit, Centre for Renewable Energy and Action on Climate Change (CREACC-NG), aiming to bring carbon credits directly from Nigerian smallholder farmers to market. The initiative has been green lit by the Nigerian National Council on Climate Change, an officially recognized body by the Paris Climate Accord.

Nigeria's 38 million smallholder farmers are responsible for producing 90% of the country's agricultural produce, yet the vast majority live below the poverty line. The profitability and productivity of Nigerian smallholders has long been hindered by the lack of access to market insights, minimal ground support, and the high costs of investing in new agricultural practices. CREACC-NG will act as ReSeed's implementing partner to support Nigerian farmers to unlock new revenue streams by measuring the carbon drawn down into soil via regenerative farming practices. As more credits are traded in the region, there will no longer be a need for additional deforestation to generate extra income for smallholder farmers and traditional communities.

ReSeed partners with smallholder farmers around the globe to unlock climate financing and incentivize environmentally-beneficial regenerative agricultural practices while supporting global corporations to clean their supply chains. ReSeed's partnership with nine thousand Brazilian Kilombola farmers resulted in a 40-80% increase in annual incomes.

Accredited by the United Nations, CREACC-NG provides climate solutions to smallholder farmers. It reaches underserved and isolated communities throughout Nigeria with clean energy for afforestation and reforestation, and improves economic conditions for girls.

The sale of carbon credits holds the potential to significantly improve the livelihoods of Nigerian smallholder farmers, with 50% of carbon credit sales going directly to farmers and 30% to CREACC-NG for their on-the-ground support. Farmers will easily be able to track data about the carbon collected and stored in the soil on their land, which ReSeed turns into carbon credits with auditable data and satellite imagery verified by ReSeed's third-party verifier Foodchain ID.

"This partnership will undoubtedly spur development in our rural communities in Nigeria and drastically improve livelihoods in the region," said Usman Mohammad, Executive Director at CREACC-NG. "The project will reduce poverty and hunger by dramatically increasing rural farmers' income. Additionally, with many of these farmers tremendously affected by climate change, they will have access to the support and technical assistance to help with resilience and adaptation."

"This partnership reflects a common commitment to a future that is sustainable, ethical and resilient, with the Nigerian nation positioned as a leader in driving forward positive environmental and social transformations," said Vasco van Roosmalen, ReSeed CEO and co-founder. "This cooperative effort strives to establish a new benchmark for ethical business conduct on a global scale."

Carbon credits from Nigerian farmers are estimated to be available for purchase in 2024.

ReSeed and CREACC-NG will formally announce their partnership at COP28 on stage at the Nigerian Pavilion Saturday, December 9th at 3pm GMT+4.

About ReSeed

ReSeed is a nature based services provider, bringing carbon credits directly from smallholder farmers to the market. We fight climate change at scale by financing and incentivizing these farmers to steward carbon through regenerative farming practices. ReSeed is the first company to combine environmental and social impact metrics with traceable carbon credits from farms, bringing to market a data set that increases accountability and fosters clean supply chains. Learn more at https://reseed.farm/

About Centre for Renewable Energy and Action on Climate Change

CREACC-NG was incorporated with Nigeria's Corporate Affairs Commission with CAC-IT/NO 54245 on 06th July, 2012 as a non-profit organization under the Company and Allied Matters Act (CAMA). The Center has United Nations Consultative Status and is also an observer at the Green Climate Fund. CREACC-NG reaches underserved and isolated communities throughout Nigeria with clean energy for afforestation and reforestation and improves economic conditions for girls as well as livelihoods of those in hard to reach communities.

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SOURCE ReSeed