Engie, a leading power company in Europe, has pre-ordered 5 million tonnes of nature-based carbon removals from climate finance firm Catona Climate. This strategic move aligns with the recent IPCC (The Intergovernmental Panel on Climate Change) report, emphasising the importance of scaling carbon dioxide removal methods to meet climate targets.
Top view of tree seedlings in a tree nursery. AI generated picture.
The IPCC's 2022 climate change mitigation study highlights that nature-based solutions, such as ecosystem restoration, could remove at least 3 gigatonnes of carbon annually by 2030. However, challenges still need to be addressed in scaling these projects, particularly regarding community impacts and environmental benefits.
Read more: Revolutionising water use: proposal for water credits in India
Catona Climate, based in California, funds high-impact, nature-based carbon removal projects through carbon removal purchases. Its focus includes regenerative land management, reforestation, and deforestation mitigation efforts. Catona’s CEO, Tate Mill, emphasised the significance of corporate collaboration in sending strong market signals to drive investments in carbon removal solutions.
The agreement stipulates that Engie will receive carbon removal credits from 2030 to 2039, with the flexibility to source from various projects at fixed prices. This partnership supports Engie's commitment to achieving net-zero emissions across all scopes by 2045. Jérôme Malka, a key executive at Engie, underscored the alignment with Catona on quality and impact, aiming to deliver substantial benefits to local ecosystems and communities.
Read more: The power of DGB Group’s high-quality carbon projects in Kenya
Engie's pre-order marks a significant step in promoting high-quality nature-based carbon removal projects, contributing to the decarbonisation of its clients' businesses and advancing global climate goals.
DGB Group champions nature-based solutions as the best approach to protect and restore the environment. The voluntary carbon market presents a practical pathway for businesses to achieve their net-zero targets and enhance sustainability. DGB is committed to large-scale nature restoration through our verified and transparent nature-based solutions, enabling businesses, investors, and individuals to actively engage in environmental action through our high-quality carbon units on the voluntary carbon market.
Discover your potential impact with our carbon units
