· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Wall Street Journal or enjoy below:
🗞️ Driving the news: Microsoft plans to buy 8 million tons of carbon offsets from a project in Brazil’s Cerrado savanna to transform farmland back into forest
• This move comes as credits to protect existing forests face credibility issues
• The project aims to reforest areas with native and timber trees, enhancing carbon capture and biodiversity
🔭 The context: Investments in forest restoration are increasing amid criticism of forest conservation projects for overstating their impact
• Planting new forests provides measurable CO2 capture, which is seen as more reliable than protecting existing forests
• Brazil, with its vast degraded lands, is central to these restoration efforts
🌍 Why it matters for the planet: Reforestation projects not only capture CO2 but also restore habitats, supporting biodiversity and local communities
• This approach aligns with global climate goals and offers a more verifiable means of carbon offsetting compared to traditional conservation projects
⏭️ What's next: Microsoft, along with BTG Pactual Timberland Investment Group and Conservation International, aims to reforest over 135,000 hectares by 2027
• These efforts will continue to attract investment, driving further reforestation and sustainable development in Brazil
💬 One quote: "Brazil is going to be the Saudi Arabia of carbon-removal," said Peter Fernandez, CEO of Mombak
📈 One stat: Microsoft plans to source around 50% of its carbon offsets from nature-based projects to meet its 2050 net-zero goals
Click for more news covering the latest on carbon market
