ENGIE & ATEC Sign Landmark Multi-country Digital MRV Carbon Credit Agreement
Click here to read the original press release via ATEC.
SINGAPORE, March 22, 2023 — ATEC and ENGIE’s business entity “Global Energy Management & Sales” (GEMS) – the energy management and sales division of the ENGIE Group – have signed a long-term agreement to purchase up to 11.5m tons of Gold Standard Digital MRV carbon credits from Bangladesh and Cambodia utilising ATEC’s patented IoT eCook devices. This is the first major deal signed under Gold Standard’s new metered methodology – recently rated as the most accurate of all cookstove methodologies by University of Berkeley.
“Digital verification of carbon credits through device data is the only long-term solution for building trust in voluntary carbon markets – as a sector we must ensure a ton is a ton,” says ATEC CEO Ben Jeffreys. “ATEC’s hardware, software and data solution make digitised carbon credits for household devices such as electric cookstoves traceable, commercially feasible and technologically scalable. This partnership with ENGIE heralds the next phase of verifiability and trust in carbon credit markets.”
Jerome Malka, Excom member at ENGIE GEMS, comments, “ATEC has a long-standing relationship with the ENGIE Group and we are proud to continue supporting them in expanding the reach of their modern cooking solutions. Digital MRV data will provide our customers with the highest level of integrity regarding carbon accounting, while ATEC’s solution will also greatly improve health conditions of households in Bangladesh and Cambodia.”
ATEC’s patented eCook stove is a global first that accurately tracks usage on each device, aggregates this through a sim-card IoT integration and plans to convert these into certified Gold Standard credits through SustainCERT’s digital MRV (dMRV) software. All credits can then be tracked in real-time by buyers like ENGIE through ATEC’s carbon dashboard.
“Digital innovations, such as ATEC’s eCook devices will significantly improve the reliability, efficiency and credibility of monitoring systems – and combined with digital verification are emerging as key drivers to scaling carbon markets with integrity,” says Marion Verles, CEO of SustainCERT.
According to a 2021 report by McKinsey, demand for voluntary carbon credits is expected to grow 15x by 2030, then 100x by 2050 in order for the world to meet agreed science-based targets.
Margaret Kim, Gold Standard CEO, states, “Gold Standard’s methodology for measured and metered cooking is a step forward towards direct measurement of energy or fuel consumed during cooking, further enabling the creation of high integrity carbon credits from cookstove projects. We are thrilled to see project developers such as ATEC utilising the methodology at such large scales.”
“Generating decentralised data-verified emission reductions using IoT and satellite technology is neither easy nor cheap, but it is essential,” says Ben Jeffreys. “With this technology stack, ATEC estimates $16bn per year can be directed into the hands of 800 million women in developing countries through decarbonising cooking. It’s up to us as a sector to ensure this once in a generation opportunity for people and planet does not pass us by.”
For more information on ATEC, visit https://www.atecglobal.io/.
