ABU DHABI, United Arab Emirates, Aug. 08, 2024 (GLOBE NEWSWIRE) — PT Global, the Indonesia exclusive agent for Promax Digital, a digital arm of Promax United Group of Companies, and Earth Exchange based in Abu Dhabi, UAE, is proud to announce the signing of Indonesia’s first official Carbon Rights Agreements with YAYASAN MASYARAKAT TEKNOLOGI PENGHIJAUAN for the restoration and conservation of 5,792 hectares of coastline. The deal marks a significant milestone in the country’s efforts to combat climate change and reduce carbon emissions.
From Left to Right: Mr Marcos Chow, Bpk. — Heru Gunawan, — Mr Jens Moewes, Bpk. — Sumadi Sudjarmin, — Ms Sara Quek, — H.E. Vivek Varma, Bpk. — Syahrial Nasution, — Mr. John Zachary — Mr Schad E. Brannon
The Earth Exchange carbon mitigation platform is designed to empower climate mitigation projects globally, helping countries and stakeholders realize their goals and fostering collaboration across borders.
Schad E. Brannon, CEO of Promax Digital, commented: “We believe climate change is a pressing issue that requires immediate and effective funding solutions. The Earth Exchange addresses this need by offering a unique platform that creates an innovative approach that provides funding for implementing climate mitigation projects. We are thrilled to support our partners in Indonesia.”
How it works: Carbon rewards are voluntary units of value that allow individuals to earn LCD tokens, (the Lowest Carbon Denominator) token which represents the first ten (10%) of sequestering capability per square meter of earth. Being defined as the “stable coin of the environment” that companies and concerned individuals can purchase EEX-NFTs to offset carbon emissions and ultimately fund conservation projects. One LCD token is equivalent to the sequestering of one-third ton of carbon dioxide.
Interested parties purchase EEX-NFTs that contribute to scaling the voluntary carbon markets world-wide and help conservation and restoration projects and in turn receive carbon rewards based on the amount of carbon removed from the atmosphere, thus allowing concerned parties including individuals, groups, corporation, municipalities, governments to achieve “carbon neutrality” through the acquisition of LCD tokens. Companies may either harvest rewards by purchasing EEX-NFTs or use their carbon rewards to mint LCD tokens which they may sell their LCD carbon tokens to other companies looking to reduce greenhouse emissions.
About PT Global Lingkungan Indonesia
PT Global Lingkungan Indonesia remains dedicated to supporting climate mitigation projects by providing adaptable solutions and facilitating strategic funding through Promax Digital and the Earth Exchange. This commitment ensures the successful implementation of essential climate mitigation initiatives in Indonesia.
About Earth Exchange
The Earth Exchange (A Promax Digital smart and green tech initiative) is a Web3 platform that provides innovative funding solutions for climate mitigation programs worldwide. As an innovative digital platform, it champions technologically driven environmental initiatives and facilitates financial transactions for business projects, dedicated to reducing carbon footprints.
Earth Exchange mostly focuses on restoration of coastlines and forest conservation and maintenance of mangroves, seagrasses to sequester carbon dioxide emissions. Coastal restoration like planting mangroves and sea grass are able to sequester up to ten times the amount of carbon than land counterparts, and forest conservation through employing vast cleanup efforts lead by indigenous communities creates jobs and protects forests from wildfires.
The Earth Exchange mission is to support the urgent call for standardized processes in addressing environmental challenges, aligned with the worldwide imperative for a $125 trillion investment by 2050.
For more information about Earth Exchange, please visit www.eex.earth
CONTACTS
For Business Inquiries
Mr. Marcos Show, Chairman
Phone: +62 812-1278-8853
Mrs. Sara Quek,
Business Development Director
Email: [email protected]
Media & Communications Contact
Matt Bird
CommPro Worldwide
(Impact Agency)
+1 646.401.4499
[email protected]
www.commpro.com
The Future is Now DAO
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20bacd70-9d50-4797-80cd-e220545bd254
