SAO PAULO (Reuters) – Brazilian investment bank BTG Pactual’s forestry arm said on Tuesday it agreed to sell 8 million carbon offset credits to Microsoft, the largest-ever sale of such credits.
BTG Pactual Timberland Investment Group (TIG) did not disclose financial details of the transaction, which MSCI Carbon Markets said is the largest known carbon dioxide removal credit transaction to date.
Microsoft did not immediately respond to request for comment.
Carbon offsets allow companies to offset some of their greenhouse gas emissions by paying for actions to cut emissions elsewhere. Each credit represents the reduction of one tonne of carbon dioxide emissions and can be used to meet corporate climate goals.
BTG Pactual TIG said the credits were generated by its forest restoration projects in Latin America.
(Reporting by Paula Arend Laier in Sao Paulo; writing by Andre Romani; Editing by David Gregorio)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.