Project includes the planting of 12 million trees on 130,000 hectares of "abandoned and degraded areas" to offset emissions by the Italian energy company.
Carbon Assets Nigeria Limited has signed an MOU with Jigawa State for a project that will span 32,000 hectares, plant over 4 million trees, and generate $48 million-$144 million in revenue from the sale of carbon credits.
We must recognize and stop the growing takeover of forest, grassland, and farmland by powerful financial actors, which is being perpetrated in the name of new myths of false solutions to climate change.
After establishing the scheme in 2012 on land it bought in Uruguay, Harvard sold the land across two deals in 2017 and 2019 worth a combined $450m. But the project is still active today and has sold enough credits to have supposedly offset over 5 million tonnes of CO2 emissions.
The British company SEFE Marketing & Trading Ltd. and Kazakhstan’s SAFC LLP signed an agreement to plant 3.3 million trees across 1,500 hectares in the Almaty region to produce carbon credits
Through its company, Acelen Renewables, the UAE's Mubadala Capital is building a biofuel refinery in the Brazilian state of Bahia which it will supply with 80 million macaúba trees planted on 200,000 hectares of degraded land. The macaúba is a plant native to Brazil with a high energy yield, meaning that the renewable diesel the project produces is projected to emit up to 80 percent less CO2 than fossil diesel. In addition, planting 200,000 hectares of trees would capture 60 million tons of CO2 over 20 years.
Oil trader Trafigura and Singapore's Temasek will produce carbon credits by planting 24 million trees in Colombia's in Orinoco River Basin on 30,000 hectares of land that has been degraded by cattle grazing.
One of Arbonics' clients in Lithuania is INVL Sustainable Timberland and Farmland Fund II which has already planted around 200 hectares of mixed forest and 750,000 trees in total to earn carbon credits.
The company Sequoia has obtained a lease over 60,000 hectares for a eucalyptus monoculture project in the Haut-Ogooué province, Gabon. but statements from communities and a survey of more than 1,400 people from the impacted region reveal a total rejection of this plantation project.
In Congo-Brazzaville, tree planting projects intended for carbon markets have proliferated over the past four years, with large-scale monocultures initiated by oil companies under the seductive term of carbon neutrality and promises of job creation for communities.
The company intends to cultivate bamboo in phases, beginning with 8,500 hectares, and is applying for carbon credits with Gold Standard.
Communal lands the combined size of Portugal have been taken over by corporate interests for carbon offsetting schemes across the Global South, according to a new report that warns of a “new form of land grabbing.”
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Down on the farm, Saudi Arabia has a $9.8bn hole to fill
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Iran to expand overseas farming to 2mln hectares by 2029
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Avon Pension Fund to invest a further £150m in natural capital
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Carbon Assets unveils $144m Jigawa wetland project
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