Canada’s largest pension fund has joined a project to produce carbon credits by planting more than 100 native tree species on degraded land in Brazil’s Amazon region.
Canada Pension Plan Investment Board will invest as much as $30 million in a reforestation fund managed by Sao Paulo-based Mombak Gestora de Recursos Ltda., said Peter Fernandez, chief executive officer of the carbon-removal startup.
The startup is tapping a shift in voluntary carbon markets where buyers pay more for projects that actually remove carbon, rather than so-called avoidance offsets that, for example, generate credits by keeping existing trees standing. These forest-protection projects often come under criticism for managing trees that aren’t in danger of being felled, which doesn’t remove additional carbon beyond the status quo.
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