GHG Emissions, Commercial, Sourcing Renewables - December 21, 2023
Microsoft Deploys Carbon Removal Program
Microsoft entered into a multi-year offtake agreement to receive nature-based carbon removal derived entirely from an afforestation project based in the U.S.
The agreement was entered into with Chestnut Carbon, a nature-based carbon removal developer founded by private investment firm Kimmeridge Energy Management Company, LLC.
Through a first-of-its-kind 15-year offtake agreement for nature-based credits, Chestnut will deliver 362,000 tons of projected carbon removal from its Sustainable Restoration Project Phase I and up to 2.7 million tons in aggregate across subsequent phases.
Chestnut is growing its capacity to 500,000 acres and 100 million tons of carbon removal in order to meet the increasing demand for cost-effective carbon removal solutions by corporations and governments.
Chestnut’s carbon removal credits are additional, verified and certified to the highest standards – meeting the requirements of Gold Standard, the crediting standard for carbon projects.
The company’s plans for the durability of its carbon sequestration include long-term conservation of the land, planting biodiversity and risk mitigation practices.
"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," said Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft, in a statement.
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