Amazon Leads $180M Carbon Offset Deal to Save Brazilian Rainforest

Amazon, along with other major companies, will purchase $180 million worth of carbon offset credits to conserve Brazil's Para rainforest. The deal, facilitated by the LEAF Coalition, aims to curb greenhouse gas emissions by reducing deforestation. This initiative is a significant step in addressing global climate change.

Amazon and several other companies have committed to purchasing $180 million worth of carbon offset credits to aid in conserving the Brazilian rainforest in the state of Para. This landmark deal is orchestrated through the LEAF Coalition, an initiative founded in 2021 by a collaboration of companies and governments, including the United States and the United Kingdom.

The agreement marks LEAF's first venture into the Amazon, the world's largest rainforest crucial for mitigating climate change due to its extensive greenhouse gas absorption capacity. The details of the pact were exclusively shared with Reuters by the Para state government and LEAF Coalition. Para Governor Helder Barbalho highlighted the significance of the initiative during New York Climate Week.

Barbalho stated that the proceeds from the sales would be allocated primarily to reduce greenhouse gas emissions, with the remainder benefiting Indigenous communities, former slave descendants, traditional extractivist communities, and family farms. Amazon confirmed the purchase, underlining the critical role of tropical forests in combating climate change. Other involved companies include Bayer, BCG, Capgemini, H&M, and the Walmart Foundation.

(With inputs from agencies.)