Big Tech Companies to Buy 20 mt of Carbon Credit

Google, Meta, Microsoft, and Salesforce jointly agreed to purchase up to 20 million tons of nature-based carbon removal by 2030. The four are the founding members of the Symbiosis Coalition, which was launched recently.

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This commitment has come as a big boost to nature-based carbon removal as adequate demand was a big handicap. This is good news also for financing opportunities for projects that restore nature and remove carbon from the atmosphere.

The coalition’s first call for proposals will be for forest and then for mangrove restoration projects. The coalition promises to select projects based on five pillars of carbon removal quality: conservative accounting, durability, social and community benefits, transparency, and ecological integrity, said Julia Strong, the coalition’s new executive director.

In its website, Symbiosis Coalition observes that nature-based projects are complex and challenging to get them right. And projects that integrate new technology and research to better measure outcomes, equitably engage Indigenous Peoples and local communities, and balance carbon sequestration benefits with other environmental co-benefits come at a significant cost.

It noted that nature-based carbon removal market has been hampered by a perceived lack of high-quality restoration projects and uncertainty around willingness to pay. This has been keeping investors on the sidelines and eroding public trust in nature-based credits’ potential for climate and social impact.

The note emphasized that the Coalition members were committed to addressing these challenges by signing long-term offtake agreements for projects that incorporate conservative assumptions on climate impact, draw on the best available science and practice, and equitably involve and compensate Indigenous Peoples and local communities. 

The Coalition members will partner with investors, NGOs, market standard setters, and project developers to achieve their objective of supporting nature-based carbon capture projects in a realistic way.

Symbiosis intends to launch its first joint Request for Proposal (RFP) later this year which will focus on Afforestation, Reforestation, and Revegetation projects (inclusive of agroforestry).

https://www.symbiosiscoalition.org

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