Microsoft to Buy 8 Million Carbon Credits from BTG Pactual in Largest-Ever Sale
(Reuters) — Brazilian investment bank BTG Pactual's forestry arm said on Tuesday it agreed to sell 8 million carbon offset credits to Microsoft, the largest-ever sale of such credits.
BTG Pactual Timberland Investment Group (TIG) did not disclose financial details of the transaction, which MSCI Carbon Markets said is the largest known carbon dioxide removal credit transaction to date.
Microsoft did not immediately respond to request for comment.
Carbon offsets allow companies to offset some of their greenhouse gas emissions by paying for actions to cut emissions elsewhere. Each credit represents the reduction of one tonne of carbon dioxide emissions and can be used to meet corporate climate goals.
BTG Pactual TIG said the credits were generated by its forest restoration projects in Latin America.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments