Raw: [
Microsoft and nature-based carbon removal startup Chestnut Carbon announced today a 15-year offtake agreement, with […]]
Microsoft Signs Deal to Remove up to 3 Million Tons of Carbon Through U.S. Forest Project – ESG Today
ESG Investing, sustainable finance & business sustainability news
ESG investing news, analysis, research and information
Top Stories ESG News
Companies
Government
Investors
Regulators
Sustainable Finance
ESG Solutions ESG Tools, Services
Companies Companies
Investors Investors
ESG Disclosure ESG Reporting
Analysis
Regulators
Reports, Studies
Newsfeed
Whitepapers
Events
About About us
Our Team
Advertise With Us
Companies/ Environment
Microsoft Signs Deal to Remove up to 3 Million Tons of Carbon Through U.S. Forest Project
Mark Segal
December 20, 2023
Microsoft and nature-based carbon removal startup Chestnut Carbon announced today a 15-year offtake agreement, with Chestnut providing Microsoft with potentially more than 3 million tons of nature based credits from its U.S.-based afforestation project.
The deal includes the removal of 362,000 tons of carbon in its first phase, and up to 2.7 million tons in subsequent phases, which would mark one of the largest-ever nature-based carbon removal offtake agreements globally.
Launched in 2022 by energy sector-focused alternative asset manager Kimmeridge, Chestnut develops afforestation projects in the U.S., buying and restoring marginal crop and pasture lands to plant native species and develop biodiverse ecosystems. The company uses proprietary technology and data sets to identify optimal land for its projects, and to monitor and measure carbon sequestration. Chestnut has 20,000 acres of land under ownership, and plans to add another 500,000 acres by 2030, with a capacity of 100 million tons of carbon removal.
Ben Dell, CEO of Chestnut and Managing Partner of Kimmeridge said:
“We’re pleased to be working with Microsoft on its commendable journey to offset emissions through high-quality nature-based solutions. When launching Chestnut in 2022, we were guided by a strong belief that these solutions are the most attractive, scalable and cost-effective means for sustainability-minded organizations. We are actively building out our platform to meet demand from the most discerning customers and look forward to announcing additional blue-chip partnerships in the near future.”
The agreement marks a further expansion of Microsoft’s portfolio of carbon removal deals, forming part of the company’s initiative to become carbon negative by 2030, and to remove all of its historical emissions by 2050, and follows another large-scale nature-based credit deal by the company announced earlier this month with Brazilian reforestation-focused startup Mombak. Microsoft’s carbon removal portfolio spans a range of technologies and approaches, including direct air capture (DAC), ocean-based carbon removal, and biochar-based agreements.
Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft, said:
“Microsoft’s 15-year purchase agreement with Chestnut Carbon for afforestation-based carbon removal credits is a positive step towards Microsoft’s carbon negative goals. We are excited to collaborate with Chestnut and its Sustainable Restoration Project for high-quality, nature-based solutions located in the United States.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
Related Posts
Companies /
Meta Signs Deal for 330MW of Renewable Energy in Illinois and Arkansas
Environment /
UK Unveils Strategy to Establish a Self-Sustaining Carbon Capture Market by 2035
Companies /
Amazon, Holcim to Test Mercedes-Benz Hydrogen Powered Fuel Cell Trucks
‹ EU Invests Over €2 Billion of Emissions Trading Revenue into Clean Energy Infrastructure Projects
ESG Today Newsletter – Subscribe
Subscribe to the ESG Today NewsletterJoin our mailing list for the latest breaking ESG investment news!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Sustainable Finance
ING to Phase Out Financing for Oil & Gas Exploration and Production by 2040
Mizuho Launches Framework to Support Green Projects in High Risk Carbon Transition Sectors
Crédit Agricole Ends Financing for New Oil and Gas Projects
BNP Paribas Launches New Climate Impact Infrastructure Debt Fund
Government
EU Invests Over €2 Billion of Emissions Trading Revenue into Clean Energy Infrastructure Projects
EU Council Agrees on Proposal to Regulate ESG Ratings Providers
UK Unveils Strategy to Establish a Self-Sustaining Carbon Capture Market by 2035
BlackRock Sued by Tennessee for “Deceiving Consumers” about ESG Investing
Categories
Select Category
Business Wire
ESG News
Analysis
Climate
Companies
Energy Transition
Environment
ESG Reporting
ESG Tools, Services
Executive Moves
Governance
Government
Guest Posts
Investors
M&A
New funds & products
Platforms & Markets
Private Equity & Venture Capital
Professional bodies
Regulators
Reports, Studies
Social
Social & Governance
Sustainable Finance
Welcome
Back to Top
Home
About us
Disclosure, cookies & privacy policy
© ESG Today 2023
Don’t miss the top ESG stories!Join the ESG Today daily newsletter and get all the top ESG stories, like this one.
Subscribe now below!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Never miss the latest breaking ESG investment news. Get ESG Today’s newsletter today!
Subscribe Now
c
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy