Published by Todd Bush on December 21, 2023
Chestnut will Remove 362,000 Tons of Carbon for Microsoft in Phase I of the Largest U.S. Gold Standard-Registered Afforestation Project
NEW YORK, Dec. 20, 2023 /PRNewswire/ -- Chestnut Carbon ("Chestnut"), a nature-based carbon removal developer founded by private investment firm Kimmeridge Energy Management Company, LLC ("Kimmeridge"), today announced that it has entered into a multi-year offtake agreement to provide Microsoft (NASDAQ: MSFT) with high-quality, nature-based carbon removal derived entirely from a novel afforestation project based in the United States.
>> RELATED: Chestnut Carbon Bolsters Leadership Team to Accelerate Nature-Based Carbon Removal Projects
This is the largest afforestation project certified under the Gold Standard to date, and a testament to the scalability of high-quality nature-based solutions. Through a first-of-its-kind 15-year offtake agreement for nature-based credits, Chestnut will deliver 362,000 tons of projected carbon removal from its Sustainable Restoration Project Phase I and up to 2.7 million tons in aggregate across subsequent phases. Chestnut's differentiated focus on positive impact, verifiability and execution aligns with Microsoft's criteria for high-quality carbon removals.
Chestnut is growing its capacity to 500,000 acres and 100 million tons of carbon removal in order to meet the increasing demand for high-quality, cost-effective carbon removal solutions by corporations and governments across the globe.
Chestnut carbon removal credits are additional, verified and certified to the highest standards – meeting the rigorous requirements of Gold Standard, the premier crediting standard for carbon projects.
Chestnut stands behind the durability of its carbon sequestration through long-term conservation of the land, planting biodiversity and risk mitigation practices.
Broader environmental and stakeholder benefits include enhancing ecological systems, bolstering local communities, improving air and water quality and restoring natural habitats to their original state.
Ben Dell, CEO of Chestnut and Managing Partner of Kimmeridge said, "We're pleased to be working with Microsoft on its commendable journey to offset emissions through high-quality nature-based solutions. When launching Chestnut in 2022, we were guided by a strong belief that these solutions are the most attractive, scalable and cost-effective means for sustainability-minded organizations. We are actively building out our platform to meet demand from the most discerning customers and look forward to announcing additional blue-chip partnerships in the near future."
"Microsoft's 15-year purchase agreement with Chestnut Carbon for afforestation-based carbon removal credits is a positive step towards Microsoft's carbon negative goals. We are excited to collaborate with Chestnut and its Sustainable Restoration Project for high-quality, nature-based solutions located in the United States," said Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft.
Founded in 2022 with the support of energy-focused private equity firm Kimmeridge, Chestnut Carbon ("Chestnut") is a leading developer of nature-based carbon removal credits. It generates U.S.-based, high-quality forest carbon offsets that are additional, verifiable and biodiverse to accelerate the path to net zero across a range of industries. Chestnut's expertise is bolstered by its acquisition of Forest Carbon Works, a public benefit corporation, with a proprietary approach to developing U.S. forest carbon offset projects on family-owned forestland. The Chestnut team is uniquely positioned to address carbon removal, with diverse backgrounds including forestry, carbon regulation, environment, finance and land. For additional information on Chestnut, its strategies and environmental stewardship thought leadership, please visit https://chestnutcarbon.com/.
SOURCE Chestnut Carbon
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🌍 Climeworks Launches Mammoth: The World's Largest Direct Air Capture Plant in Iceland 🌱 Capsol And Sumitomo To Capture CO2 From A Swedish Bio-CHP Plant With New Demo ⚡ MAX Power...
Inside This Issue 🤝 New Joint Venture Announced by GLJ and Energy Fuse to Lead U.S. Carbon Sequestration and Enhanced Oil Recovery Projects 🔋 Carbon Capture COF Shows Impressive Ability to Survive...
Inside This Issue 🌪️ Carbon Clean Announces Fully Columnless Carbon Capture, With Launch of CycloneCC C1 Series ⚛️ How US States Can Lead on Carbon Removal Policy 🤝 Lummus and Advanced Ionics Esta...
This pivotal grant will fund the development of validation and best practices – including measurement, reporting, and verification capabilities. LONGMONT, Colo., Nov. 7, 2024 /PRNewswire/ -- The U...
The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) recently announced $29 million in federal funding for 12 research and development projects. This funding a...
Alto Ingredients, Inc. Enters CO2 Transportation and Sequestration Agreement with Vault 44.01
PEKIN, Ill., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, announced ...
MAX Power Makes Strategic Management Move to Accelerate Natural Hydrogen Opportunities
VANCOUVER, British Columbia, Nov. 07, 2024 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“MAX Power” or the “Company”) is pleased to announce that Mr. Mansoor ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.