ResourceWise®, a global leader in sustainability solutions and market intelligence, has announced the launch of Forest Trackt™, a cutting-edge technology designed to help companies meet the stringent requirements of the European Union Deforestation Regulation (EUDR). This regulation, which aims to curb deforestation by enforcing transparency in supply chains, poses significant challenges to businesses, particularly those in the wood-based commodities industry. Forest Trackt is poised to revolutionise how companies ensure compliance.
Forest Trackt uses advanced technologies, including automated geo-location, machine learning, and sophisticated algorithms, to track the origins of wood-based materials. This innovation enables businesses to trace their supply chains more accurately and ensure they meet the stringent standards set by the EUDR. The system provides companies with a complete framework to demonstrate the transparency and sustainability of their wood sourcing, minimising the risk of non-compliance penalties.
Pete Stewart, CEO of ResourceWise, highlighted the urgency for businesses to adapt to this new regulatory landscape. “The penalties for failing to comply with the EUDR can be severe,” he said. “For instance, US manufacturers of pellets, pulp, paper, and lumber face up to $4 billion in revenue at risk if they do not adhere to the regulation. Forest Trackt simplifies the compliance process, allowing businesses to meet their transparency and sustainability goals with ease and accuracy.”
One of the standout features of Forest Trackt is its ability to integrate geo-location data acquisition through the ForestLogger mobile app. This tool collects precise geo-location data without the need for a cellular connection, ensuring that even remote areas can be accurately mapped. The app automates the creation of polygon definitions and Point-to-Polygon JSON files, replacing manual data entry with a more reliable, cost-effective, and error-free process. This is particularly beneficial given the vast amount of data businesses must provide to comply with EUDR requirements.
The system also offers a predictive risk assessment function, which helps businesses evaluate the risk of their wood sourcing. This multi-factor assessment is critical in pre-qualifying tracts and demonstrating compliance with the EUDR’s risk management standards.
Additionally, Forest Trackt introduces a tokenisation system that tracks wood-based raw materials from the forest through the supply chain to the final product. This addresses the complex issue of tracing forest and sawmill residuals, ensuring full traceability.
Another advantage of Forest Trackt is its ability to centralise all data, which is then transferred to the EU via API. This ensures that businesses can streamline their reporting processes and remain audit-ready at all times.
Stewart underscored the growing complexity of regulatory requirements for the forest products industry, noting that companies need to future-proof their operations. “As regulations become more stringent, businesses require solutions that minimise manual workload while maximising compliance accuracy,” he said. “Forest Trackt is designed to meet that need.”
For further information on Forest Trackt and its benefits, companies are encouraged to visit ResourceWise’s official website.