Carbon2Nature will provide CO2 credits via in-house initiatives or collaborative projects aimed at enhancing biodiversity, promoting nature conservation, and facilitating ecological restoration.
The goal of the new initiative is to capture over 61 million metric tons of carbon dioxide equivalent (mtCO2e) by promoting projects spanning across more than 100,000 hectares, such as forests, coastal ecosystems and agricultural soils, the company announced Aug. 14.
C2N will operate in countries where Iberdrola is active. 80% of the company’s projects will be based in Latin America, in countries such as Brazil, Mexico, Colombia, Peru and Chile. The remaining 20% of the projects will be based in the northern hemisphere, in countries such as Spain, the United Kingdom and Portugal.
Carbon2Nature has already commenced the development of projects in Brazil, Mexico, Colombia, Chile and Spain.
“We come to this new market with humility and a desire to do things differently, bringing all of Iberdrola’s experience in sustainability to the world of nature-based solutions and the generation of carbon credits,” said Miguel Ángel García Tamargo, director of Carbon2Nature.
Iberdrola, a company with a focus on electric utilities and renewables, has set a target to achieve carbon neutrality by the year 2040.