· 2 min read
Illuminem summarizes for you the essential news of the day. Read the full piece on Zawya or enjoy below:
🗞️ Driving the news: Amazon and other companies, through the LEAF Coalition, have committed to purchasing $180 million worth of carbon credits aimed at conserving the Amazon rainforest in the Brazilian state of Pará
• The deal will support efforts to reduce deforestation, with proceeds benefiting local Indigenous and traditional communities
• This marks LEAF's first agreement in the Amazon, emphasizing the region's key role in fighting climate change
🔭 The context: Despite a slowdown in the global carbon credit market, tech giants like Amazon, Microsoft, and Meta have continued to buy offsets in Brazil
• Each purchased credit corresponds to the prevention of 1 metric ton of carbon emissions from deforestation between 2023 and 2026
🌍 Why it matters for the planet: The Amazon rainforest is vital in absorbing greenhouse gases and mitigating climate change
• Protecting it through carbon credits helps curb emissions while benefiting local communities who rely on the forest
⏭️ What's next: Para will host the COP30 climate summit in 2025, further highlighting Brazil’s environmental restoration efforts
• An additional 7 million credits will be made available for other companies to purchase
💬 One quote: "Clearly it sends an important message: A company with a name referencing the Amazon making its first purchase with a state in the Amazon," said Para Governor Helder Barbalho
📈 One stat: Amazon and five other companies will collectively purchase 5 million carbon credits at $15 per credit, well above the $4.49 market average for nature-linked credits
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