N2OFF Inc. to Pursue Food Waste Carbon Credit Verra VM00046 Methodology
The subsidiary's treatment aims to reduce both pre- and post-harvest food waste by extending the shelf life of fruits and vegetables, while also potentially generating an alternative revenue stream through carbon credits.
N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” or the “Company”), a clean technology firm focused on sustainable energy solutions and agri-tech innovation, has announced its intention to utilize its subsidiary, Save Foods Ltd. (“Save Foods”), which has developed a patented treatment designed to prolong the shelf life of fruits and vegetables. This initiative will explore the possibility of monetizing the reduction of emissions by keeping food within the human supply chain.
If successful, the Company could qualify for specific food waste carbon credits. Save Foods has brought in sustainability strategy experts from the Nibbana-Group, led by Galit Kenigsberg, to help identify potential revenue streams associated with their patented treatment.
Overview of Verra VM00046 Methodology
The analysis indicates that Save Foods may meet the criteria outlined in the Verra VM00046 methodology, which allows for various benefits, including the acquisition of food waste carbon credits. This methodology is specifically designed for project activities that actively work to decrease food loss and waste (FLW) and enhance food availability for human consumption.
It covers multiple stages of the food supply chain—ranging from farms and food processing facilities to retailers, food services/hospitalities, and households—allowing organizations to qualify for carbon credits through their efforts in reducing food waste.
Insights from CEO David Palach
David Palach, the CEO of N2OFF, stated, “This methodology provides us with an opportunity to assist farmers, packaging facilities, and retailers in lowering operational costs through extended shelf life, while also exploring the potential for increased revenues via carbon credits linked to the use of Save Foods products. Additionally, we are evaluating the Verra VM00046 methodology as it aligns with our strategic goals. We also plan to implement our proprietary technology to reduce N2O greenhouse gas emissions.”
About N2OFF Inc.
N2OFF, Inc. (previously known as Save Foods, Inc.) is dedicated to offering sustainable solutions in clean technology, particularly in the agri-tech sector. The company emphasizes the provision of integrated services for sustainable energy, reducing greenhouse gas emissions, and ensuring safety and quality within the agri-tech marketplace.
NTWO OFF Ltd., N2OFF’s majority-owned subsidiary located in Israel, specializes in solutions aimed at combating greenhouse gas emissions, particularly the mitigation of nitrous oxide (N2O) emissions, which have a significantly higher global warming potential compared to carbon dioxide. N2OFF is committed to promoting environmentally responsible and economically viable agricultural practices.
The company has recently ventured into the solar photovoltaic market and intends to fund projects, including a 111 MWp capacity initiative in collaboration with Solterra Renewable Energy Ltd. Save Foods Ltd. concentrates on post-harvest treatments for fruits and vegetables to prevent pathogen contamination. Additionally, N2OFF holds a minority stake in Plantify Foods, Inc., which is recognized for its clean-label healthy food options.
For further details about Save Foods Ltd. and NTWO OFF Ltd., please visit our website: www.n2off.com.
Frequently Asked Questions
What is the purpose of N2OFF's new initiative?
N2OFF is pursuing the Verra VM00046 methodology to monetize food waste reduction efforts through carbon credits, enhancing sustainability in agri-tech.
How will the methodology help reduce food waste?
The Verra VM00046 methodology supports reducing food loss and waste at various points in the supply chain and encourages keeping food in human consumption cycles.
Who is leading the sustainability strategy?
The sustainability strategy for Save Foods is being overseen by experts from the Nibbana-Group, led by Galit Kenigsberg.
What are the benefits of this methodology for farmers and retailers?
This methodology can help farmers and retailers cut costs associated with food spoilage while potentially earning revenues through carbon credits.
Is N2OFF exploring other sustainability technologies?
Yes, N2OFF plans to implement proprietary technology aimed at reducing N2O emissions and is actively engaging in various sustainable energy initiatives.
