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🗞️ Driving the news: TikTok and Sumitomo are actively engaging in the carbon removal market to meet their sustainability goals
• TikTok aims for carbon neutrality in operations by 2030, planning to offset remaining emissions through carbon removals
• Sumitomo seeks to purchase carbon credits for both internal emission offsets and resale within Japan's GX-ETS trading scheme
🔭 The context: Both companies are navigating a complex landscape of carbon removal options to align with their objectives
• TikTok emphasises high-quality credits and opportunities for creators to engage with projects, aiming to demystify carbon removal for its audience
• Sumitomo focuses on projects that sequester carbon for at least 1,000 years, in compliance with governmental regulations
🌍 Why it matters for the planet: Corporate investments in carbon removal are crucial for achieving global climate targets
• The Intergovernmental Panel on Climate Change highlights the necessity of large-scale carbon removals to limit global warming
• Engagements by companies like TikTok and Sumitomo can drive demand and innovation in the carbon removal sector
⏭️ What's next: As corporate interest in carbon removal grows, strategic approaches will be key
• Companies should define clear objectives for carbon credit purchases, considering factors like project durability and community engagement
• Collaborating with experts can help navigate the diverse array of available carbon removal technologies
💬 One quote: "I would hope that we could work with some of our partners to almost demystify some of these conversations." — Ian Gill, TikTok’s global head of sustainability
📈 One stat: Sumitomo plans to purchase 500,000 tons of carbon credits this year, reflecting a significant commitment to emission reduction
See here detailed sustainability performance of companies like Meta and Sumitomo
Click for more news covering the latest on carbon market
