Startups of Future Hub: Meet Compensate
In the series Startups of Future Hub we wish to shine a light on our second program startups, introduce you to the wonderful work they do outside of the program and give our Hosts a chance to share why they chose to work with these startups on their sustainability challenges. First up - Compensate from Finland!
Compensate - A nonprofit climate operator
Compensate is a North Finnish nonprofit climate operator acting with a startup mindset. Their mission is to revolutionize the way people and companies take responsibility for the climate, by offering everyone easy access to carbon capture in order to build a carbon-negative future.
The core actions of Compensate are around the idea of whenever we create CO₂ emissions, we should commit to removing at least an equal amount from the atmosphere. But in order to really ensure impact, the team introduces the build-in overcompensation, when more carbon dioxide is removed than what a product, service, or action causes.
Compensate team is building a carbon marketplace offering full transparency and integrity, setting a new standard for the carbon market industry. As a result, climate action and responsibility become a part of our everyday lives and we can enable the larger systemic change required to combat climate change. Compensate comes with a diversity of solutions for business, but also for individuals in order to combat the excess of CO2, working closely with the academia of the field to ensure high-quality carbon capture.
As the Compensate’s team says it, in order to save the climate, we must minimize emissions and remove the extra CO2 from the atmosphere and we can do this only together.
Numbers & Partners
To put Compensate's work in perspective here's the impact so far in numbers:
🌱2 212 304 € to carbon capture
🌱456 170 carbon credits bought due to Compensate's overcompensation model
🌱153 071 t CO₂e estimated true climate impact
🌱2 783 109 m² of rainforest protected
🌱6 122 840 trees sequestering CO₂ all year round
🌱1 275 591 600 cups of coffee saved
Compensate is not alone in their mission. Their team is trusted by several partners, co-working with the team for a greener future, including, FedEx Express Europe that supports Compensate’s work to develop sustainability criteria for biochar, The London School of Economics and Political Science, Supercell, Futurice, Smartly.io, and others.
Compensate in Future Hub
In Future Hub, Compensate team is working together with program co-hosts Citadele bank on their challenge to develop sustainable lending and investment products. Together they are currently working on the pilot for the Citadele car leasing clients in particular. To find out the end results, let's wait until Demo Day, but for now, here's why Citadele chose Compensate:
"Together with Compensate, we can reach two goals with one solution - to raise awareness amongst our clients and create a tool that everybody can use and understand the value. Almost everybody has a car, yet few can tell how much damage it does to the environment and even fewer - how to compensate it. Therefore by putting together our leasing market knowledge and Compensate solution, we can create a system where every car-owner knows precisely how much they owe our planet and what to do next," says Martins Berzins, Citadele Head of Digital Customer Experience.