Tocantins' Ambitious Carbon Credit Sale: A Green Leap for Amazon Conservation

The Brazilian state of Tocantins plans to sell over 2.5 billion reais in carbon credits to support forest conservation, with ambitions to reduce deforestation across the Amazon. This initiative aligns with broader efforts to curb climate change and will feature prominently at the upcoming COP29 summit.

The state of Tocantins in Brazil, on the frontline of Amazon conservation, is set to sell carbon credits worth more than 2.5 billion reais ($430.16 million) to bolster forest conservation through 2030, as revealed on Thursday.

Companies keen on offsetting greenhouse gas emissions will likely engage with these credits, each representing one metric ton of carbon absorbed by forests. The state aims to sell about 50 million credits by the decade's end, contingent on successful deforestation reduction.

As deforestation rates drop to record lows since 2015, Tocantins prepares to validate its project under the ART-TREES standard, aiming to showcase it at the United Nations COP29 climate summit in Azerbaijan. This major sale underscores substantial carbon credit transactions, eclipsing deals by major tech firms in Brazil.

(With inputs from agencies.)