Energy Efficiency, GHG Emissions, Industrial - May 23, 2024
Google, Meta, Microsoft, Salesforce Pledge 20M Tons Carbon Removal
Google, Meta, Microsoft, and Salesforce announced the Symbiosis Coalition, an advance market commitment for nature-based removal credits in the voluntary carbon market.
These four tech companies collectively committed to contract up to 20 million tons in nature-based carbon removal credits by 2030.
The nature-based carbon removal market has been hampered by a perceived lack of high-quality restoration projects and uncertainty around willingness to pay.
The Coalition will help members address these challenges by facilitating the signing of long-term offtake agreements for projects that incorporate conservative assumptions on climate impact, draw on the best available science and practice, and involve and compensate Indigenous Peoples and local communities.
Symbiosis intends to partner with like-minded investors, NGOs, market standard setters and project developers to clarify the bar for what “good” restoration looks like and enable more of these projects to happen. The group intends to serve as an independent, nonprofit joint procurement vehicle for nature-based carbon removal credits guided by five quality pillars: conservative accounting, durability, social and community benefits, ecological integrity, and transparency.
Members will have the opportunity to purchase carbon removal credits that count toward their pledge through a joint RFP in addition to their own efforts. The initial RFP will focus on afforestation, reforestation and revegetation projects (ARR), inclusive of agroforestry.
Symbiosis will work with external experts to ensure that its quality criteria continually reflect the best available data and science on climate impact and to advance consistent and unified standards across the market.
“Google is thrilled to join other Symbiosis founders and members to help grow the nature-based carbon removal market in a way that is firmly guided by science and has a measurable impact on the atmosphere,” said Kate Brandt, Chief Sustainability Officer at Google, in a statement. “While we’re first and foremost committed to reducing emissions from our operations and value chain, we recognize that won’t be enough to avoid the worst effects of climate change. It’s critical that we harness the power of both technology and nature to enable carbon removal at gigaton-scale and with the highest certainty of impact.”
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