Chestnut Carbon, a nature-based carbon removal developer founded by private investment firm Kimmeridge Energy Management Company has recently disclosed a multi-year agreement to supply Microsoft with top-tier, nature-based carbon removal obtained exclusively from an innovative afforestation initiative situated in the United States.
Marking the most extensive afforestation project certified under the Gold Standard thus far, this development underscores the scalability of superior nature-based solutions. In an unprecedented 15-year arrangement for nature-based credits, Chestnut commits to providing 362,000 tons of anticipated carbon removal from its Sustainable Restoration Project Phase I and a cumulative amount of up to 2.7 million tons throughout subsequent phases. Chestnut’s distinct emphasis on positive impact, verification, and effective execution aligns with Microsoft’s criteria for premium carbon removals.
In response to the escalating demand for high-quality, economically viable carbon removal solutions from corporations and governments worldwide, Chestnut is expanding its capacity to encompass 500,000 acres and achieve 100 million tons of carbon removal.
Key features of Chestnut’s Sustainable Restoration Project include:
1. Chestnut’s carbon removal credits meet the highest standards, being additional, verified, and certified in accordance with the rigorous requirements of the Gold Standard, recognized as the premier standard for carbon projects.
2. Chestnut assures the durability of its carbon sequestration by committing to the long-term conservation of the land, the promotion of biodiversity, and the implementation of risk mitigation practices.
3. The broader benefits extend to environmental and stakeholder realms, encompassing the enhancement of ecological systems, support for local communities, improvement of air and water quality, and the restoration of 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.