Verde AgriTech Ltd has announced that it is in advanced negotiations to sell carbon credits to major international corporations that are established purchasers of permanent carbon offsets.
Currently, carbon credits for permanent carbon offsets similar to Verde’s are being sold at prices up to $500 per tonne. Verde AgriTech is looking to tap into the opportunities of this market and shared that it can generate up to 300,000 carbon credits annually via its existing production facilities.
Verde’s silicate rock is rich in the mineral glauconite, which once processed and applied to the soil removes carbon dioxide from the air through a process called enhanced rock weathering. This process permanently locks CO2 into the new mineral structure.
The Company is fully permitted and equipped to mine and process up to 2.8 million tonnes per year of the raw material. To build its mines, Verde acquired farmland that had previously been deforested to open area for pastureland. As mining progresses Verde fully recovers the land back to original native forests and has planted over 30,000 native and endangered trees.
In 2022 the carbon credit markets totalled $909 billion in transactions and Verde expects to close its first sales of carbon credits in Q3 2023.