GROVE: Blockchain-based conservation plaform for regenerative mangrove forestry | Climate Finance, Thailand 2018

SEED Practitioner Labs Climate Finance in Thailand engaged financial institutions, funders, intermediaries and other SME ecosystem stakeholders over a multi-step process to co-create innovative climate finance products and mechanisms that extend access to long-term financing opportunities for “missing middle” small and growing climate-smart enterprises that struggle to advance beyond the start-up stage and multiply their contributions to climate-smart and socially inclusive economies.

GROVE – the Global Reforestation Objective Virement Ecosystem – is set up by the Global Mangrove Trust (GMT). GROVE is a digital platform that runs as a decentralised foundation utilising smart contracts and satellite verification to crowdfund forest growth. Building on peer-to-peer connections, the platform provides an investor-to-community architecture that enables international (cooperate) donors to undertake direct, transparent, and efficient support for community-managed mangrove forest projects. Investors are receiving Global Reforestation Objective coins (GRO-coins) that directly support a dedicated community mangrove forest. In turn, coastal communities are backed by smart contracts and planter tokens for their commitment. Over a satellite and on-site monitoring data transparency and accountability is provided and activates the smart contracts organizing escrow payments from the GRO-coin escrow account to communities for redemption of cash claims linked to the “Planter-Coins”.