· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on ESG Today or enjoy below:
🗞️ Driving the news: Google has entered an agreement with Mombak to purchase 50,000 carbon credits from reforestation projects in the Brazilian Amazon
• This is Google’s first investment in nature-based carbon removal, part of its broader $35 million commitment to carbon removal credits
• It follows another recent purchase of 100,000 tons of Direct Air Capture credits
🔭 The context: Google is collaborating with Mombak, a carbon removal company focused on restoring degraded Amazon land through reforestation with native species
• This move aligns with Google’s participation in the Symbiosis Coalition, a tech industry collaboration supporting nature-based carbon removal
• Mombak recently secured a significant carbon removal deal with Microsoft as well
🌍 Why it matters for the planet: This partnership advances large-scale reforestation, aiding carbon capture, biodiversity restoration, and local community support in the Amazon, crucial for global climate action
⏭️ What's next: Google and its partners aim to scale the nature-based carbon removal market, committing to purchasing up to 20 million tons of credits collectively, with potential expansions in reforestation projects
💬 One quote: “We’re pleased to partner with Mombak on our first purchase of forestry-based carbon removal credits, with an eye to solving a central challenge of this field: ensuring certainty of climate impact.” — Randy Spock, Google’s Carbon Removal Lead
📈 One stat: Google has committed to purchasing at least $35 million in carbon removal credits over the next 12 months
Click for more news covering the latest on carbon market
