Google has agreed to buy carbon removal credits for the first time in history.
The mentioned technology giant will buy credits from a Brazilian startup. It is worth noting that this case marks the beginning of Google’s first experience in participating in carbon projects in the South American country.
The technology giant will buy 50,000 metric tons of carbon removal credits by 2030 from Mombak, which purchases degraded land from farmers and ranchers or partners with them to grow native plant species in the Amazon rainforest. The companies published this information on Thursday, September 19.
Google, which had previously bought engineered removal credits, in the framework of the announced deal follows the experience of another US technology giant, Microsoft, which last year entered into an agreement to buy up to 1.5 million credits from Mombak.
There is currently no information about the terms of the deal between Google and the Brazilian startup. Last year, Mombak priced its credits that were sold to McLaren Racing at an average of over $50 per ton.
Mombak’s chief technology officer Dan Harburg told the media that the vote of confidence the startup received from Google is a positive signal. The statement shows that the Brazilian brand sees its relationship with the technology giant as an incentive to increase the number of deals in the future.
Also this week, Meta agreed to buy up to 3.9 million carbon offset credits from Brazilian investment bank BTG Pactual’s forestry arm.
Microsoft, Google, Meta, and Salesforce are the co-founders of the so-called Symbiosis Coalition. As part of this initiative, companies pledge to contract for up to 20 million tons of nature-based carbon removal credits by 2030.
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