Shell backs Brazilian preservation firm
Shell announced on July 11 it had invested 200mn reais ($38mn) in Brazilian carbon credits developer Carbonext, which runs preservation projects covering more than 2mn hectares of the Amazon forest.
Carbonext generates carbon credits from these projects that can then be sold to companies looking to offset their carbon footprint. Shell is now a minority shareholder in Carbonext, and will have preferential access to the company's carbon market.
"Associating our company with Carbonext is an important step towards our goal of offsetting 120mn metric tons of CO2/year by 2030 with nature-based solutions," Shell's president for Brazil, Andre Araujo, said in a research note. He was referring to Scope 3, indirect emissions, relating to the use of the company's products by customers.