The Next 150 Strikes A Deal For 22,500 Biochar Carbon Credits

The Next 150 Strikes A Deal For 22,500 Biochar Carbon Credits - Carbon Herald
General Biochar Systems biochar plant located in Irapuato, Guanajuato, Mexico. Credit: The Next 150

New biochar carbon removal deal was sealed to accelerate its adoption. Carbon removal venture developer and operator The Next 150 announced it has entered into a 5-year agreement with Shell Environmental Products to supply it with carbon removal credits generated from its large-scale biochar production facility in Mexico.  

The deal is for up to 22,500 carbon removal credits and is among the first purchases of credits from Mexico’s largest biochar project. The project is the first for The Next 150 and is located in Irapuato, Guanajuato, Mexico. Launched only in May 2023, it is strategically designed to refine AgriWaste streams from crops like corn, wheat, and sorghum.

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It is operated through General Biochar Systems (GBS), a fully integrated biochar production company and a subsidiary of The Next 150. The project is currently undergoing third party audit and certification with Puro.Earth – a leader in CO2 removal certification. If approved, and subject to ongoing due diligence, Shell Environmental Products will be able to offtake the credits. 

The first batch of credits is expected to be issued by Q3 2024. The company then plans to expand its biochar production capacity with at least two additional plants expected to come online in 2024 and 2025.  

“Shell Environmental Products’ support marks a significant step forward in our strategy to scale the biochar pathway of carbon removal across Latin America. Large volume as well as long-term offtake agreements from global companies are key to unlocking growth capital and project finance in the global south,” said Patrick Atanasije Pineda, Managing Partner at The Next 150.

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Shell Environmental Products is a dedicated team focused on working with clients to help them use carbon credits as part of their climate strategies. The team sources and trades carbon credits and other environmental products. Its portfolio is composed by projects that remove carbon from the atmosphere, avoid or reduce emissions.

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