Colombian nature-based carbon removals project is expanded
(Posted on 12/11/24)
Trafigura Group, a market leader in the global commodities industry, has announced a significant expansion of the Brújula Verde landscape restoration project in collaboration with GenZero, a Temasek-owned investment platform focused on accelerating decarbonisation globally. This landmark commitment of over US$100m will double the size of the project for the production of high-integrity carbon removal credits, by restoring land degraded by intensive agricultural activities and fires.
Trafigura deploys infrastructure, market expertise and a worldwide logistics network to move metals and minerals, oil and petroleum products, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable.
The Brújula Verde project, located in Colombia’s Orinoco River Basin, one of the country’s most biodiverse areas, involves the planting of over 24 million mixed-species trees by the project’s operational partner, Inverbosques – which is one of the largest private employers in the region. This project involves afforestation and reforestation on degraded lands without any planned commercial harvest activities, preserving the area's natural resources, while unlocking significant community benefits.
Matthew Nelson, Head of Carbon Investments at Trafigura said: "We are delighted to welcome GenZero to this collaboration. This expansion demonstrates how investment grade carbon removal assets can enable institutional finance at scale. GenZero’s partnership will enhance the scope and impact of Brújula Verde, bringing local employment alongside environmental and biodiversity benefits to the region, whilst producing high integrity nature-based carbon removal credits."
Hoon Ling Min, Director of Investments at GenZero said: “The Brújula Verde project marks an important effort in restoring one of Colombia’s most biologically diverse areas. It is a unique project which adopts a restoration bridge concept by reconditioning soil health through reforestation, which enables the reintegration of native species gradually. This in turn supports the delivery of high-quality carbon credits, essential in broader efforts to build high-integrity carbon markets.”
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