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Firms including Amazon to buy $180mln in carbon credits from namesake rainforest

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By illuminem briefings

· 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

Click for more news covering the latest on carbon market

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