Salesforce com : Google, McKinsey & Company, Meta, Microsoft, and Salesforce pledge to contract for up to 20M tons of high quality nature based carbon removals credits by 2030

Google, Meta, Microsoft, and Salesforce pledge to contract for up to 20M tons of high-quality nature-based carbon removal credits by 2030
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.

NEW YORK CITY, NEW YORK-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 20M 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.