A new coalition called Symbiosis has been announced, with corporate giants such as Google, Meta, Microsoft, and Salesforce pledging to purchase up to 20 million tons of high-quality, nature-based carbon removal credits by 2030. Nature-based carbon removal projects, such as restoring trees and mangroves in damaged ecosystems, are seen as an important tool in mitigating climate change by removing carbon dioxide from the atmosphere. However, the complexity of nature and the interdependent ecological and economic systems make it challenging to measure and verify the climate impact of these projects, hindering their full potential for scalability.
Symbiosis aims to address this issue by setting a new benchmark for the best nature restoration projects with a high certainty of positive climate impact. The coalition will develop shared criteria for project design and measurement, continuously updating these criteria based on the latest scientific findings. By pooling demand for carbon removal credits that meet their high standards, Symbiosis hopes to increase confidence in high-quality nature-based carbon removal projects and encourage other companies to adopt best practices. In addition to focusing on carbon sequestration, Symbiosis will prioritize factors such as restoring native species and wildlife biodiversity, as well as ensuring the equitable participation and compensation of indigenous and local communities in nature restoration projects.
Drawing on their experience as co-founders of Border, a coalition that accelerates innovative technologies for carbon storage, the founders of Symbiosis plan to apply a similar approach to harnessing nature’s capabilities for carbon sequestration. Both coalitions are part of the larger goal to achieve net zero emissions by 2030. Key members of Symbiosis include Meta, Microsoft, and Salesforce, with more companies expected to join in the future. The coalition is determined to drive solutions that will help achieve net zero emissions and combat climate change.
Article Source
https://blog.google/outreach-initiatives/sustainability/new-coalition-scale-nature-based-carbon-removal/