Amazon signed a multi-year deal to buy nearly 2 million tonnes of carbon removal credits from a South African nature restoration project. Its investment will expand the project from 10,000 hectares with 30 million spekboom shrubs to 50,000 hectares, with 180 million carbon-absorbing spekboom plants to be planted by 2028. Besides removing carbon and repairing degraded land, the project will create 11,000 jobs and bring over $500 million to local communities. Amazon’s pre-purchase commitment also supported the World Bank’s new Spekboom Outcome Bond, and these carbon credits will be sold to eligible firms via Amazon’s carbon credit platform launched in 2025. The firm’s sustainability chief said this project sets a good example of nature-based solutions balancing climate action and local economic growth.
Source:https://www.esgtoday.com/amazon-signs-2-million-ton-nature-based-carbon-removal-deal/