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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Microsoft has agreed to purchase 8 million carbon offset credits from BTG Pactual's forestry arm, BTG Pactual Timberland Investment Group (TIG)
• This transaction marks the largest-ever sale of carbon dioxide removal credits
🔭 The context: The credits are generated from BTG Pactual TIG's forest restoration projects in Latin America
• Carbon offsets help companies like Microsoft mitigate their greenhouse gas emissions by funding projects that reduce emissions elsewhere
🌍 Why it matters for the planet: Forest restoration projects play a crucial role in carbon sequestration, helping to combat climate change by capturing CO2 from the atmosphere
• This large-scale purchase underscores the importance and growing market for high-quality carbon credits
⏭️ What's next: Microsoft aims to meet its corporate climate goals through such investments, emphasizing the need for credible and measurable carbon reduction projects
• This move may encourage other companies to invest in similar initiatives
💬 One quote: BTG Pactual TIG highlighted that this deal represents the largest known carbon dioxide removal credit transaction to dat
📈 One stat: Each carbon credit represents the reduction of one tonne of carbon dioxide emissions
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