In a landmark initiative, tech giants Google, Meta, Microsoft, and Salesforce have announced their pledge to contract for up to 20 million tons of high-quality nature-based carbon removal credits by 2030.
This ambitious commitment is part of the newly formed Symbiosis Coalition, which aims to drive significant advancements in nature restoration projects with a clear focus on climate impact.
The Symbiosis Coalition: Pioneering Nature-Based Carbon Removal
The Symbiosis Coalition's mission is to establish an advance market commitment (AMC) of up to 20 million tons of nature-based carbon removal credits.
While this represents only a fraction of global carbon removal goals, it is the first and largest AMC of its kind, matching the 2030 carbon removal targets of the state of California.
The Coalition aims to accelerate the development of high-impact, science-based restoration projects that contribute to global climate goals.
High-Quality Standards for Carbon Removal
To ensure the effectiveness of its efforts, the Symbiosis Coalition will adhere to rigorous quality criteria for nature-based carbon removal.
These criteria will be continuously reviewed and updated by independent experts, incorporating the latest scientific data. The Coalition's approach includes:
- Conservative Accounting: Ensuring realistic and achievable carbon removal goals.
- Durability: Focusing on long-lasting and resilient projects.
- Social and Community Benefits: Prioritizing equitable involvement and compensation for Indigenous Peoples and local communities.
- Ecological Integrity: Promoting biodiversity and environmental health.
- Transparency: Maintaining open communication and sharing lessons learned.
Supporting High-Impact Restoration Projects
The Symbiosis Coalition will catalyze projects that integrate the latest technology and research to measure outcomes accurately.
These projects will balance carbon sequestration with other environmental benefits, addressing challenges such as financial transparency and equitable community engagement.
The Coalition's commitment to paying the true cost of these projects will encourage more investors to participate, overcoming the current market's barriers.
A Collaborative Effort for a Sustainable Future
Symbiosis will collaborate with investors, NGOs, market standard setters, and project developers to define and uphold high standards for nature-based restoration.
By facilitating long-term offtake agreements, the Coalition aims to create a robust market for high-quality carbon removal projects.
Additionally, Symbiosis will transparently share its progress and impact, fostering public confidence in nature's role in combating climate change.
Conclusion
The Symbiosis Coalition's commitment by Google, Meta, Microsoft, and Salesforce marks a significant step towards addressing climate change through nature-based solutions.
By setting a high bar for quality and impact, the Coalition hopes to inspire other companies to follow suit and expand its membership.
Through collaborative efforts, Symbiosis aims to create a vibrant carbon market that places nature and communities at the forefront of climate action.
