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illuminem summarizes for you the essential news of the day. Read the full piece on ESG Today or enjoy below:
🗞️ Driving the news: The LEGO Group has partnered with Climate Impact Partners and ClimeFi to invest in four carbon removal projects
• These include biochar, enhanced rock weathering, and large-scale reforestation efforts
• The combined commitment, including LEGO’s parent company KIRKBI, is valued at DKK 24 million (USD $3.3 million)
🔭 The context: This initiative aligns with LEGO’s 2023 pledge to reach net-zero emissions by 2050 and its commitment to the Science Based Targets initiative (SBTi)
• The company plans to invest over $1.4 billion in sustainability initiatives within three years
• The latest agreements expand its carbon removal portfolio, which already includes a nine-year deal with Climeworks for direct air capture (DAC)
🌍 Why it matters for the planet: Nature-based and engineered carbon removal solutions help reduce atmospheric CO₂ while enhancing biodiversity and soil health
• The reforestation project in the Lower Mississippi Alluvial Valley aims to restore over 400,000 hectares, improving flood protection and water quality
• LEGO’s investment supports the growth of the carbon removal industry, encouraging corporate climate action
⏭️ What's next: LEGO will receive carbon credits from these projects between 2024 and 2026
• The company aims to refine its carbon removal strategy by supporting emerging technologies and large-scale nature-based solutions
• These efforts contribute to its broader goal of reducing Scope 1, 2, and 3 emissions
💬 One quote: "Innovative, high-quality carbon removal projects and emerging technologies have the potential to play an important role in supporting a more sustainable future." — Annette Stube, Chief Sustainability Officer, LEGO Group
📈 One stat: LEGO has committed over $1.4 billion to environmental sustainability initiatives in the next three years
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