Dive Brief:
- Tech and software giants Google, Meta, Microsoft and Salesforce have teamed up to make an advanced market commitment to contract up to 20 million tons of nature-based carbon removal credits by 2030, the companies announced last week.
- To facilitate this decarbonization pledge, the group launched the Symbiosis Coalition to identify and invest in carbon projects which have a focus on nature restoration. The coalition said projects would include those that combine data and research to better measure the climate impact of restoration and “equitably engage” the Indigenous and local communities.
- Members who join the coalition will have the opportunity to buy carbon removal credits that count toward their decarbonization goals through a joint request for proposal focused on afforestation, reforestation and other revegetation initiatives, according to the release.
Dive Insight:
Symbiosis said it aims to break down the “complex and challenging” issues that often come with nature-based projects — such as high costs, low investor interest and dwindling public trust in the social and environmental impact of such initiatives. The coalition will look to address these issues by accelerating the signing of long-term offtake agreements for projects that integrate “conservative assumptions” on climate impact, build on the best available science and research, and involve and compensate Indigenous and local communities.
The four tech companies — who also serve as the coalition’s founding members — said in the release that though they are focused on slashing their own carbon footprint, they also “recognize the necessary role of a high integrity carbon market” and nature-based projects that help address climate risk.
A recent report by McKinsey & Company found that carbon dioxide removal will likely require $6 trillion to $16 trillion of “cumulative investment” to deliver net-zero emissions by 2050. The research also found that there is a $400 billion to $1.6 trillion gap between current estimated investment and what would be needed by 2030 to put carbon removal on track to meet mid-century net-zero targets.
The group said Symbiosis will help fill these gaps through a “willingness to pay the real cost” needed to develop and scale high-quality nature-based projects. The coalition also said it would prioritize projects that “demonstrate financial transparency” and “greater biodiversity benefit.” Symbiosis said it will look to partner with “like-minded investors,” nonprofits, project developers and standard setters to raise the bar on nature restoration initiatives and facilitate an increase in such projects.
Symbiosis builds on decarbonization initiatives and carbon removal commitments already put in place by Google, Meta, Microsoft and Salesforce — all of whom have committed to a net-zero emissions target.
