Tech giants Google, Meta, Microsoft, and Salesforce have come together to form the Symbiosis Coalition, a collaborative effort focused on advancing the nature-based carbon removal market. The coalition aims to support the development of high-impact restoration projects that can contribute to global climate goals by hiring up to 20 million tons of carbon removal credits of natural origin.
The goal of the coalition is to provide a strong demand signal that will drive the creation of science-based restoration projects. These projects are essential for the world to achieve its climate targets, especially considering the need for carbon removal methods to limit warming to 1.5°C, as outlined in a landmark 2022 report by the Intergovernmental Panel on Climate Change (IPCC).
The coalition acknowledges the potential of nature-based solutions to contribute to emissions reductions, with ecosystem restoration projects estimated to remove at least 3 gigatonnes of CO2 annually by 2030. However, scaling up nature-based carbon removal solutions faces challenges such as equitable participation of indigenous peoples, balancing carbon sequestration benefits with other environmental considerations, and a lack of high-quality restoration projects.
To address these challenges, the Symbiosis Coalition has launched an early market commitment that signals a demand for vendors providing nature-based solutions. The coalition has established pillars of quality to guide the procurement criteria for nature-based projects, focusing on aspects such as conservative accounting, social benefits, and ecological integrity.
Microsoft’s chief sustainability officer, Melanie Nakagawa, emphasized the importance of high-quality nature-based solutions in addressing climate change. The coalition’s collaboration will help build a market for these solutions, ultimately benefiting all stakeholders by supporting the transition to a low-carbon economy.
Members of the coalition will have the opportunity to purchase nature-based carbon removal credits through a joint request for proposal (RFP) process. The initial focus of the RFP will be on afforestation, reforestation, and revegetation projects, with criteria applied to ensure project durability and effectiveness. The coalition also plans to align criteria for mangrove restoration projects in the future.
The companies involved in the coalition intend to expand membership to other organizations and share insights with the public to build confidence in nature-based solutions. Through effective collaboration, the coalition aims to rapidly scale high-quality carbon removal projects and improve market integrity, ultimately benefiting both people and the planet.
In conclusion, the Symbiosis Coalition represents a significant step forward in the development of the nature-based carbon removal market. By joining forces, these tech giants are demonstrating their commitment to addressing climate change and promoting sustainable practices that benefit the environment and society as a whole.
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https://www.esgtoday.com/tech-giants-google-meta-microsoft-and-salesforce-launch-20-million-ton-nature-based-carbon-removal-buyers-coalition/
