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Sustainable Finance Live 2024: Using AI technology to drive sustainable solutions

IBM announced its joint endeavor with WWF Germany to use AI spatial capturing technology to enhance elephant tracking in Africa. This technology will be able to support conservation of African elephants, which can increase carbon storage in their forest habitats.

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Sustainable Finance Live 2024: Using AI technology to drive sustainable solutions

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The intersection of natural capital and technology can be used to drive climate change mitigation and boost conservation efforts, as seen in this collaboration between IBM and WWF. The data analytics used to track African elephant movement can not only play a part in nature restoration for a critically endangered species that has faced devastating habitat loss due to deforestation and poaching, but can also be used to log carbon services.

This project indicates that one African elephant roaming freely in its natural habitat can increase the net carbon capture capacity of the forest by nearly 250 acres, which significantly cuts down on carbon emissions. The IMF states that this initiative can translate into the value of up to $1.75 million per elephant.

Dr. Thomas Breuer, African forest elephant coordinator at WWF Germany, stated: "Counting African forest elephants is both difficult and costly. The logistics are complex and the resulting population numbers are not precise. Being able to identify individual elephants from camera trap images with the help of AI has the potential to be a game-changer. With AI, we will be able to monitor individual animals in space and time, giving us more robust and detailed population estimates and allowing for performance-based conservation payments, such as wildlife credits. The spatial data will also show us where these elephants choose to move – thus enabling us to protect these wildlife corridors.”

Finextra’s annual Sustainable Finance Live conference will be taking place on 8 October 2024 in London, with a focus on biodiversity and natural capital. The event will include a jam-packed agenda filled with panel sessions, keynotes, and workshops, along with a hackathon and ample time for networking with other industry experts.

Learn more about the latest innovations in the sustainable finance sector at Finextra's annual Sustainable Finance Live conference, taking place on 8 October 2024.

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