Meta has announced a pledge to contract at least $35 million for carbon removal projects in the following year, sharing that this move is part of their broader strategy for reaching net zero by 2030.
This move is Meta’s reaction to the Voluntary Carbon Dioxide Removal Purchasing Challenge announced by the Department of Energy (DOE) earlier this year, inviting external organizations to join in on the mission of accelerating carbon removal development by purchasing high-quality offsets.
The $35 million pledge by Meta matches the extent of the commitment made by the DOE via the Carbon Dioxide Removal Purchase Pilot Prize. Meta is now the second industry big name to answer to the challenge, after Google joined the cause back in March, also dedicating $35 million for carbon removal.
Powered by a complex network of operations that enable it to run on a global level, Meta is actively working to address the CO2 generated by its grid. The company has recognized carbon removal as the most effective approach to address their value chain emissions on their path to decarbonization.
On their carbon curbing journey, Meta plans to reduce the emissions generated from its corporate operations, and it will pursue carbon removal to address the emissions that can’t be eliminated completely.
For those hard-to-abate emissions, the company is investing in high-quality carbon removal nature-based projects, as well as in initiatives working on technological CO2 removal.
Relevant: Meta To Purchase Up To 3.9M Carbon Credits From BTG Pactual In Latin America
In line with this strategy, in September 2024 Meta partnered with the forestry division of Brazilian bank BTG Pactual called Timberland Investment Group, committing to purchase up to 3.9 million carbon removal credits by 2038.
Meta is also part of the Symbiosis Coalition, an advance market commitment established in partnership with Google, Microsoft, and Salesforce in support of high-quality nature-based carbon removal credits. As part of this commitment, the industry giants are collaborating to catalyze demand for credits originating from nature restoration initiatives.
