Yahoo Finance Lomi Becomes The First Home Food Recycling Appliance Approved As A Verified Carbon Credit
Lomi awarded first-in-class certification as an approved methane emissions
reduction methodology for decentralized organic waste processing
KELOWNA, BC, May 1, 2024 /CNW/ - Lomi, the world's first Smart Waste™ food recycler, has received approval from the Gold Standard Technical Advisory Committee for its new, groundbreaking methodology, titled 'Reduction in Methane Emissions from Landfills Through Decentralised Organic Waste Processing'. Gold Standard was established in 2003 by the World Wide Fund for Nature and other international non-governmental organizations to ensure projects that reduced carbon emissions featured the highest environmental integrity levels and contributed to sustainable development. Gold Standard is known as the global benchmark for the highest integrity and greatest impact on climate and development initiatives.
As a Gold Standard certified quantification approach, Lomi's methodology, developed in consultation with Carbonomics, is recognized as a means to accelerate progress toward the Net-Zero ambition of the Paris Climate Agreement while further catalyzing impact towards sustainable development. Aligned with Lomi's mission to drive conscious environmental practices through the evolution of the food waste management system, this groundbreaking methodology will help individuals and municipalities process food scraps on-site to avoid hauling food waste to landfills and avoid the associated GHG emissions, resulting in Gold Standard Verified Emissions Reductions (GS VERs).
"As the first home appliance methodology to receive a Gold Standard approval, Lomi demonstrates leadership in the global effort to reduce carbon emissions," stated Jeremy Lang, Co-founder and Head of Sustainability and Regeneration of Lomi. "The Gold Standard approval signifies the meaningful impact that the Lomi system can have in terms of reducing carbon emissions in our communities."
Lomi's emission reductions, once verified, will be traded on carbon markets, allowing credit purchasers to directly support the project. The proceeds will be used to deploy Lomi food recyclers into new communities, keeping valuable food scraps out of landfills and increasing the Lomi community's positive impact on society and the environment.
"The best way to reduce emissions associated with landfill is to ensure that the waste never reaches the landfill in the first place," stated Margaret Kim, CEO of Gold Standard. "This new methodology unlocks the use of carbon credit revenue to support projects that process waste at the household or commercial level, enable the production of valuable by-products such as fertilizers, and eliminate the emissions caused by transporting waste to landfill sites."
Lomi units are currently found in more than 200,000 households worldwide. Through the use of the home device, the Lomi community has diverted up to 300 million pounds of food waste from landfills and saved up to 34,000 metric tons of CO2e emissions to date.
For more information on Lomi's sustainability initiatives, visit lomi.com/pages/sustainability.
About Lomi
What if waste was optional? As a Certified B Corporation and Climate Neutral Certified company, Lomi is on a mission to eliminate 10 billion pounds of waste from the global waste stream by 2028. Lomi researches and develops the most innovative products toward one goal: to create a waste-free future. To learn more about Lomi, visit https://lomi.com
About Gold Standard
Gold Standard (www.goldstandard.org, @goldstandard) was established in 2003 by WWF and other international NGOs as a best practice standard to help the world #GrowToZero. All Gold Standard-certified projects and programmes accelerate progress toward the Net-Zero ambition of the Paris Climate Agreement while catalyzing impact toward the broader Sustainable Development Goals. Its standard, Gold Standard for the Global Goals, allows climate and development initiatives to quantify, certify, and maximise their impacts toward climate security and sustainable development. Certification against the standard provides the confidence that these results are measured and verified, enabling credible impact reporting. ISEAL Code Compliant and backed by a broad NGO Supporter Network, Gold Standard has 1900+ projects underway in over 90 countries, creating billions of dollars of shared value from climate and development action worldwide.
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SOURCE Lomi
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