Google, Meta, Microsoft, and Salesforce pledge to contract for up to 20M tons of high-quality nature-based carbon removal credits by 2030
2024年5月22日 - 9:15PM
ビジネスワイヤ(英語)
Symbiosis Coalition seeks to identify and scale next-generation
nature restoration projects with a focus on certainty of climate
impact
- The Symbiosis Coalition aims to facilitate an advance market
commitment (AMC) of up to 20 million tons of nature-based carbon
removal credits. While only a fraction of the world's total carbon
removal goals, this is the first and largest AMC ever for
nature-based carbon removal, equivalent in volume to the 2030
carbon removal goals of the state of California. The goal of the
Coalition is to send a strong demand signal to accelerate the
development of high-impact, science-based restoration projects that
will advance progress on global climate goals.
- Symbiosis will focus on catalyzing and scaling carbon projects
that meet the highest quality bar for planet and people,
integrating the most recent science and data on the climate impact
of restoration while equitably involving and compensating
Indigenous Peoples and local communities.
- The Coalition will translate its goals into action by
establishing and communicating clear quality criteria for
nature-based carbon removal procurement efforts, engaging
independent experts to continuously review these criteria in line
with latest science and update them as needed, with the goal of
creating a joint Request For Proposal (RFP) process to support
Symbiosis offtake commitments, and paying the real cost necessary
to enable these projects to happen.
- Symbiosis will transparently share lessons learned through
these efforts with the broader public, rigorously monitor and
evaluate impact from projects, and continually evolve its efforts
as new data, science, and lessons arise to advance public
confidence in nature’s role in fighting climate change.
Today, Google, Meta, Microsoft, and Salesforce announce the
Symbiosis Coalition, an advance market commitment for nature-based
removal credits in the voluntary carbon market. These companies
have collectively committed to contract up to 20 million tons in
nature-based carbon removal credits by 2030 that have high
certainty of impact on the climate and result in equitable outcomes
for the communities whose livelihoods depend on these projects.
Nature restoration is essential to meeting the world’s climate
goals, but nature-based projects are complex and challenging to get
right. Projects that integrate new technology and research to
better measure outcomes, equitably engage Indigenous Peoples and
local communities, and balance carbon sequestration benefits with
other environmental co-benefits can come with significant cost. As
a result, the nature-based carbon removal market has been hampered
by a perceived lack of high-quality restoration projects and
uncertainty around willingness to pay, keeping investors on the
sidelines and eroding public trust in nature-based removal credits’
potential for climate and social impact. The Coalition will help
members address these challenges by facilitating the signing of
long-term offtake agreements for projects that incorporate
conservative assumptions on climate impact, draw on the best
available science and practice, and equitably involve and
compensate Indigenous Peoples and local communities.
Through a strong demand signal and a willingness to pay the real
cost that it takes to develop these high-quality projects,
Symbiosis intends to partner with like-minded investors, NGOs,
market standard setters, and project developers to clarify the bar
for what “good” restoration looks like and enable more of these
projects to happen.
While the aforementioned companies acknowledge the imperative to
first reduce their own emissions, they also recognize the necessary
role of a high-integrity carbon market and of nature protection and
restoration in addressing climate change. A recent McKinsey
analysis highlighted that carbon dioxide removal will likely
require $6 trillion to $16 trillion of cumulative investment by
2050 to achieve net-zero goals. With under $15 billion invested in
carbon removals to-date and under-investment in ecosystem
protection and restoration, bold action is needed. Symbiosis will
complement other critical, climate-focused AMCs that encourage
investment in forest protection at the jurisdictional level and aim
to scale the market for engineered carbon removals.
Growing something new
Symbiosis intends to serve as an independent, non-profit joint
procurement vehicle for nature-based carbon removal credits guided
by five quality pillars: conservative accounting, durability,
social and community benefits, ecological integrity, and
transparency. These pillars will inform more specific quality
criteria for the procurement of various nature-based project types,
with an initial focus on forest and mangrove restoration.
Members will have the opportunity to purchase carbon removal
credits that count towards their pledge through a joint RFP in
addition to their own efforts. The initial RFP will focus on
afforestation, reforestation, and revegetation projects (ARR),
inclusive of agroforestry. Symbiosis will apply a set of criteria
for ARR projects informed by a suite of independent technical
advisors (acknowledged here) and that build on the most
conservative standard for measuring real nature-based climate
impact on the market today. These criteria emphasize:
- Dynamic baselining to address additionality,
- Robust approaches to leakage, and
- Pathways to creating durable, long lasting projects.
In addition, Symbiosis will prioritize projects that demonstrate
financial transparency, greater biodiversity benefit, and equitable
engagement and outcomes for Indigenous Peoples and local
communities.
Nature-based projects are complex and challenging to get right.
With that in mind, the Coalition will transparently share lessons
learned throughout the procurement process. Members will work
collaboratively to rigorously evaluate project impact and align on
potential remedies if projects underperform, whether directly
engaging with a project developer to make changes, working with a
registry to ensure that pooled buffer reserve carbon removal
credits are canceled appropriately, or other novel solutions.
Symbiosis will work with external experts to ensure that its
quality criteria continually reflect the best available data and
science on climate impact and to advance consistent and unified
standards across the market.
Symbiosis hopes to inspire other buyers to follow its standards
and ultimately expand its membership to other companies. Symbiosis
looks forward to collaborating with the broader restoration and
carbon market ecosystem – investors, NGOs, standards bodies,
project developers, researchers, and other stakeholders – to lay
the foundation for a vibrant carbon market with nature at the
forefront.
Kate Brandt, Chief Sustainability Officer at Google:
“Google is thrilled to join other Symbiosis founders and members to
help grow the nature-based carbon removal market in a way that is
firmly guided by science and has a measurable impact on the
atmosphere. While we’re first and foremost committed to reducing
emissions from our operations and value chain, we recognize that
won’t be enough to avoid the worst effects of climate change. It’s
critical that we harness the power of both technology and nature to
enable carbon removal at gigaton-scale and with the highest
certainty of impact.”
Blair Swedeen, Global Head of Net Zero and Sustainability at
Meta: “We are excited to join other leading companies to signal
our support for the highest quality carbon removal projects that
have an impact for people and the planet. Reducing our emissions
and helping to scale a robust carbon market that includes
nature-based and technological carbon removal solutions are
essential parts of achieving our sustainability goals, and we’re
proud to partner with our peers to help tackle the climate
crisis.”
Melanie Nakagawa, Chief Sustainability Officer at
Microsoft: “High-quality, nature-based solutions are vital to
addressing climate change, and our work with the Symbiosis
Coalition is a key step towards realizing our carbon negative goal
by 2030 through a diversified portfolio of carbon removal. This
collaboration will help build the overall market for these
solutions, leading to more restoration purchases that benefit all
of us. Continued investment in carbon removal is important not just
to meet our goals but for the world to meet its goals.”
Suzanne DiBianca, EVP and Chief Impact Officer at
Salesforce: "Through effective collaboration, we can rapidly
scale high quality nature-based credits and improve market
integrity, driving significant benefits for both people and the
planet. We're proud to be a founding member of Symbiosis, and are
committed to our Nature Positive Strategy, emphasizing nature-based
solutions including blue carbon projects, 1t.org, and empowering
ecopreneurs. These initiatives highlight the critical role of
diverse ecosystems in accelerating climate action to protect nature
and biodiversity."
Julia Strong, Executive Director of Symbiosis: “Symbiosis
represents a steadfast commitment to the importance of nature to
climate action and the role of carbon markets, when done right, to
financing critical climate solutions. These leading companies are
committed to making restoration the most effective lever it can be
in tackling climate change. Symbiosis sends a strong signal to
project developers that buyers are willing to pay what it takes for
high-quality projects that benefit the environment and local
communities.”
To learn more, visit the Symbiosis website at
www.symbiosiscoalition.org. For media and partnership inquiries,
please contact hello@symbiosiscoalition.org.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521133634/en/
Symbiosis Coalition hello@symbiosiscoalition.org (908)
278-4818