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8 months of due diligence and tens of millions in early-stage financing will help restore 10,000 hectares of tropical forest in Panama.
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Investors in carbon credits have withstood greenwashing scandals and sagging prices. Now there are finally signs of a turnaround.
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Microsoft Corp has struck a deal to buy 1.6 million carbon removal credits from what the developers say is one of the largest fully financed nature-based removals projects in Central America.
The 10,000 hectare project in Panama is part-financed by Microsoft, which is one of the largest corporate buyers of credits, and aims to remove 3.2 million tonnes of carbon from the atmosphere by planting over 6 million trees in areas degraded by cattle ranching.
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A lot of farmers want to get out of this [cattle] business, and this becomes a really attractive way for them to shift,” said Celia Francis, chief executive of Ponterra, which will on Wednesday announce a 30-year contract with three institutional buyers for carbon credits from its first reforestation project. “We’ve made a decision to lease the land, which means that the farmers continue to be stewards of the land,” Francis added.
Read more on Financial Times
It’s clear that Ponterra’s work goes beyond environmental restoration—it’s about setting a precedent for how we value and interact with our planet. Through collaboration, innovation, and a commitment to both local and global benefits, Ponterra is charting a path toward a sustainable future that honours the planet and its people.
Read more on The Climate Race