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Tech giants Google, Meta, Microsoft and Salesforce launch 20 million tonnes of nature-based carbon removal buyers coalition

Tech giants Google, Meta, Microsoft and Salesforce launch 20 million tonnes of nature-based carbon removal buyers coalition

 


Technology giants Google, Meta, Microsoft and Salesforce today announced a joint commitment to sign up to 20 million tonnes of natural carbon removal credits, aimed at supporting the development and growth of the natural carbon removal market. announced the launch of the Symbiosis Coalition, a new advance market commitment (AMC) collaboration.

The companies say the coalition aims to send a strong demand signal and enable the development of high-impact, science-based remediation projects that advance progress on global climate goals.

Kate Brandt, Chief Sustainability Officer at Google, said:

Google is excited to work with other Symbiosis founders and members to help grow the natural carbon removal market in a way that is firmly guided by science and has a measurable impact on the atmosphere. While we are committed to reducing emissions from our operations and value chains first and foremost, we recognize that this alone will not be enough to avert the worst impacts of climate change.

According to a landmark 2022 Intergovernmental Panel on Climate Change (IPCC) climate change mitigation study, scenarios that limit warming to 1.5°C include carbon dioxide removal methods that scale up to removing billions of tonnes per year over the coming decades. However, the report also notes that while there are several existing solutions for capturing and storing CO2, most are in their early stages and currently limited in scale.

In the IPCC's most recent climate change report, the organization highlighted the potential for nature-based solutions to contribute to reducing emissions, estimating that ecosystem restoration projects could remove at least 3 gigatonnes of CO2 emissions per year by 2030.

In a company statement announcing the new coalition, the tech giant said it would address challenges related to equitably engaging indigenous and local communities and balancing the benefits of carbon sequestration with other environmental synergies. They pointed to barriers to scaling up nature-based carbon removal solutions, including complexity and complexity. The Coalition says the nature-based carbon removal market is hampered by a perceived lack of high-quality remediation projects and uncertainty about willingness to pay, driving away investors and undermining public confidence. added.

To overcome these challenges, the coalition launched an advance market commitment to inform suppliers of the aggregate demand for solutions. The coalition will be guided by quality pillars to inform procurement standards for nature-based project types, including conservative accounting, durability, social and community benefits, ecological integrity, and transparency. Stated.

Melanie Nakagawa, Chief Sustainability Officer at Microsoft, said:

High-quality nature-based solutions are essential to combating climate change, and our work with the Symbiotic Coalition is an important step towards realizing carbon-negative targets by 2030 through a diversified portfolio of carbon removal. It becomes. This collaboration will help build an entire market for these solutions, leading to even more purchases of restorations that will benefit us all. Continued investment in carbon removal is critical not only to achieving our goals, but also to helping the world reach its goals.

The coalition will offer member states the opportunity to purchase natural carbon removal credits through a joint request for proposals (RFP), with the first RFP focusing on afforestation, reforestation and revegetation projects (ARR), including agroforestry, to which it will apply. The project criteria highlight aspects such as additionality, leakage, and pathways to create durable and long-lasting projects, with plans to subsequently refine the criteria for mangrove restoration projects as well.

Blair Swedeen, Global Head of Net Zero and Sustainability at Meta said:

“We are pleased to join other leading companies in demonstrating our support for the highest quality carbon removal projects that impact people and the planet. Reducing emissions and contributing to the growth of strong carbon markets that include nature-based and technology-based carbon removal solutions are key components to achieving our sustainability goals, and we are proud to partner with our industry peers to help solve the climate crisis.”

The companies said they hope to expand the coalition's membership to other companies and share lessons learned with society more broadly to increase confidence in nature-based solutions to combat climate change.

Suzanne DiBianca, EVP and Chief Impact Officer at Salesforce, added:

Through effective collaboration, we can rapidly scale high-quality nature-based credit, improving market health and delivering significant benefits for both people and the planet.

Sources

1/ https://Google.com/

2/ https://www.esgtoday.com/tech-giants-google-meta-microsoft-and-salesforce-launch-20-million-ton-nature-based-carbon-removal-buyers-coalition/

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