· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Meta has secured a deal to purchase up to 3.9 million carbon credits from BTG Pactual's forestry arm in Latin America by 2038
• The agreement is Meta's largest carbon removal project, aiding its goal of net zero emissions by 2030
• The credits will support forest restoration projects in the region
🔭 The context: Carbon offsets are a tool for companies to balance their greenhouse gas emissions by investing in environmental projects that reduce emissions elsewhere
• Meta’s deal follows Microsoft’s purchase of 8 million credits from BTG Pactual, signaling tech giants' growing role in offsetting initiatives despite broader skepticism around the effectiveness of such credits
🌍 Why it matters for the planet: Large-scale purchases of carbon credits like Meta's can support reforestation efforts and provide a temporary solution to corporate emissions, but doubts remain about their real impact on long-term carbon reduction
⏭️ What's next: Meta’s move highlights the tech industry’s increasing involvement in voluntary carbon markets, potentially influencing other corporations to follow suit, despite concerns about offsets' credibility
💬 One quote: Meta called the transaction “its largest carbon removal project to date,” as part of its 2030 net zero commitment
📈 One stat: Last week's average price for forestry carbon offsets was $4.22 per credit, valuing Meta’s deal at up to $16 million
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