SAN FRANCISCO — (BUSINESS WIRE) — August 15, 2023 — Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced plans to release its global Forest Carbon Planetary Variable. This groundbreaking dataset aims to provide unprecedented insights into forest change and carbon capture at nearly the individual tree level. Built by leveraging advanced deep learning models, Planet’s Forest Carbon product is slated to provide exceptional resolution, accuracy, and frequency to a variety of stakeholders in forested ecosystems - from voluntary carbon market participants and service providers to entities dependent on forests in their supply chains to jurisdictions and regulators needing quality global insights into changes in forest area and carbon stocks.
Planet’s Forest Carbon will set a new standard in remote sensing solutions for forest and carbon monitoring. In the coming decades, forest restoration, conservation, and improved management activities represent massive opportunities for the more than 4 billion hectares of forested land on Earth. For these activities, frequent and granular data are crucial tools to ensure successful carbon monitoring and to limit fraud and other greenwashing tactics. The launch of a Forest Carbon dataset provides Planet with the opportunity to match the accuracy of physical or airborne measurements at a fraction of the cost, everywhere on Earth, on a quarterly basis. The company plans to launch a global 30 meter resolution product this year, and intends to follow that launch with a global 3 meter resolution product in calendar year 2024.
Planet believes in the transformative power of transparency with a goal to ensure broad accessibility by making the pricing and packaging of their Forest Carbon product affordable, competitive, and straightforward, starting as low as $0.10 per hectare. Delivering this product to market affordably and at scale will ultimately allow Planet to minimize friction, drive trust, and build validation with early adopters.
“Our Forest Carbon Planetary Variable represents a significant leap forward in carbon monitoring capabilities, and we’re excited to offer it at such an accessible price to empower organizations to truly scale their understanding of forest change," said Kevin Weil, President of Product and Business at Planet. “With its high-resolution, accuracy, and frequency, Planet’s Forest Carbon sets a new industry standard that will enable more informed decision-making and drive effective climate action worldwide."
Key product highlights include:
- Comprehensive Product Suite. At its core, the Forest Carbon product has three global data layers: Canopy Height (m), Canopy Cover (%), and Aboveground Live Carbon (Mg/ha). Forest Carbon is fueled by airborne-LiDAR trained deep learning models and PlanetScope imagery. Planet employs this data to generate detailed carbon data estimates in tons per hectare, empowering the processes of measurement, reporting, and verification in carbon accounting workflows.
- Unrivaled resolution. While existing remote sensing solutions for Forest Carbon often fail to visualize individual trees and subtle forest change at scale, Planet’s dataset excels at precisely capturing them. Planet’s 3 meter resolution product will enable stakeholders to monitor precise patterns of forest change over time. The enhanced resolution of Planet’s Forest Carbon dataset can help ensure that no significant changes go unnoticed, and can replace or reduce dependency on costly, time-consuming, and incomplete field measurements or airborne surveys.
- Pinpoint accuracy, quantitative uncertainty. Planet’s Forest Carbon dataset leverages rigorous data transformation techniques of the company’s trusted 3 meter resolution PlanetScope imagery to maintain a high level of precision, while quantifying all sources of uncertainty at the pixel-level. This methodology was developed by Salo Sciences, a climate technology company acquired by Planet earlier this year, and helps ensure users are receiving reliable and dependable information.
- Quarterly updates. Dynamic systems demand dynamic monitoring. Planet’s Forest Carbon dataset will be updated on a quarterly basis and deliver the latest information on changes in forest structure and associated carbon stocks. This frequent monitoring allows stakeholders to stay informed about the latest developments and be more effective in their decision-making processes.
- Scalability. Forest Carbon is designed to offer cost-effective, reliable, and global data for carbon monitoring that alleviates some of the drawbacks associated with traditional airborne and field-based methods, which are often too expensive to scale and keep regularly updated. Further, it aims to eliminate the need for additional data processing, making the product a practical and scalable solution for organizations of all sizes and capabilities.
Planet’s competitive and transparent Forest Carbon pricing aims to drive greater action and value for its customers. For more information about this product and Planet’s comprehensive suite of Earth observation and data analytics solutions, please visit our website.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Planet’s ability to capture market opportunity and realize any of the potential benefits from current or future product enhancements, new products, or strategic partnerships and customer collaborations, the timing and success of current or future product enhancements or new products, and the expected accuracy, efficiency and cost-savings related to current or future product enhancements or new products. Forward-looking statements are based on Planet’s management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future events and results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to the risk factors and other disclosures about Planet Labs PBC and its business included in Planet's periodic reports, proxy statements, and other disclosure materials filed from time to time with the Securities and Exchange Commission (SEC) which are available online at www.sec.gov, and on Planet's website at www.planet.com. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date such statements are made. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
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Contact:
Sarah Bates
press@planet.com