Microsoft teams up with Chestnut Carbon for a unique afforestation project, aiming for significant carbon dioxide removal.
Microsoft Corp (MSFT.O) has finalized a significant environmental deal. They've partnered with Chestnut Carbon for carbon removal credits. This step is key to achieving Microsoft's sustainability goals.
Chestnut's approach differs from typical offset deals. Instead of preserving existing trees, they plant new ones on previously used land. This offers more environmental benefits, according to founder Ben Dell.
Dell described the project's scale. "It's the largest U.S. afforestation project ever registered," he said.
Brian Marrs, senior director at Microsoft, expressed enthusiasm. "We're excited to work with Chestnut on high-quality, U.S.-based nature solutions," he said.
For Microsoft, such carbon removal programs are vital. They're integral to the company's goal of being carbon negative by 2030. This means actively reducing atmospheric greenhouse gases. In 2022, Microsoft contracted for over 1.4 million metric tons of carbon removal.
These removal methods include afforestation and technologies like direct air capture.
Chestnut, supported by Kimmeridge Energy Management, finds Microsoft as its first major client. The partnership's revenue enables Chestnut to reinvest in new land acquisitions. This comes from Kimmeridge's $200 million initial investment in Chestnut, Dell noted. Dell also serves as Kimmeridge's managing partner.
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