Google, Meta, Microsoft, And Salesforce Establish World’s Largest Advance Market Commitment For Nature-Based Projects

Google, Meta, Microsoft, And Salesforce World's Largest Advance Market Commitment For Nature-Based Projects - Carbon Herald

The world’s largest advance market commitment (AMC) for nature-based carbon removal credits has been formed. Google, Meta, Microsoft, and Salesforce announced on May 22nd they have founded the Symbiosis Coalition – an innovative AMC for high-quality nature-based projects, aiming to ensure strong future demand for them.

The Symbiosis Coalition is taking climate action to the next level by seeking to identify and catalyze the next-generation of nature restoration projects meeting the high-end of quality criteria. It is an indisputable market signal that quality and the largest climate impact of carbon removal projects are a top priority and buyers are willing to pay the real cost of them.

The commitments made are as follows:

  • The coalition is contracted to purchase up to 20 million tons of nature-based carbon removal credits by 2030. The AMC is equivalent in volume to the 2030 carbon removal goals of the state of California. The goal is to accelerate the development of high-impact, science-based restoration projects that will advance progress on global climate goals.
  • Symbiosis wants to partner with like-minded investors, NGOs, market standard setters, and project developers to clarify the bar for what “good” restoration looks like and enable more of it to be happening. It plans to integrate the most recent science and data on the climate impact of restoration while equitably involving and compensating Indigenous Peoples and local communities.
  • The Coalition will establish and communicate clear quality criteria for nature-based carbon removal procurement efforts, engaging independent experts to continuously review these criteria in line with latest science and update them as needed, with the goal of creating a joint Request For Proposal (RFP) process to support Symbiosis offtake commitments.
  • Symbiosis will transparently share lessons learned through these efforts with the broader public, rigorously monitor and evaluate impact from projects.
  • The most important goal of the coalition is to send a strong demand signal it is willing to pay the real cost necessary to enable the highest quality nature-based carbon removal projects to happen and accelerate their global development.
Credit: Google

“Google is thrilled to join other Symbiosis founders and members to help grow the nature-based carbon removal market in a way that is firmly guided by science and has a measurable impact on the atmosphere. While we’re first and foremost committed to reducing emissions from our operations and value chain, we recognize that won’t be enough to avoid the worst effects of climate change,” said Kate Brandt, Chief Sustainability Officer at Google.

Such projects are essential for the world’s climate goals and ensure damages done to the environment by humans will be taken responsibility for. The market commitment also sends the strong signal that buyers are willing to pay the real price for the real good deed.

Due to their complexity and challenges to be developed, nature-based carbon removal market has been perilled by a perceived lack of quality, greenwashing and uncertainty around buyers willing to pay the real price for nature protection and restoration.

Relevant: Frontier Opens Applications For Its Next Carbon Removal Prepurchase Cycle

The Coalition will also address current challenges of the market by facilitating the signing of long-term offtake agreements for projects that incorporate conservative assumptions on climate impact, draw on the best available science and practice, make sure they result in greater biodiversity benefits and equitably involve and compensate Indigenous Peoples and local communities.

Relevant: Microsoft Expands CO2 Removal Efforts With New Reforestation Deal In Brazil

Members of the coalition will have the opportunity to purchase carbon removal credits that count towards their pledge through a joint RFP in addition to their own efforts. More about the RFP and criteria for measuring high quality projects can be read here.

“Symbiosis represents a steadfast commitment to the importance of nature to climate action and the role of carbon markets, when done right, to financing critical climate solutions. These leading companies are committed to making restoration the most effective lever it can be in tackling climate change. Symbiosis sends a strong signal to project developers that buyers are willing to pay what it takes for high-quality projects that benefit the environment and local communities.”

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