Google is launching a new coalition to scale nature-based carbon removal
Google, Meta, Microsoft, and Salesforce announced the formation of the Symbiosis Coalition, a groundbreaking advance market commitment (AMC) collaboration. This initiative aims to bolster the development and expansion of the nature-based carbon removal market with a joint commitment to contract up to 20 million tons of nature-based carbon removal credits. The coalition's primary objective is to generate a strong demand signal, thereby facilitating the creation of high-impact, scientifically driven restoration projects that will significantly contribute to global climate goals.
In their announcement, the tech giants acknowledged the barriers to scaling up nature-based carbon removal solutions. These include challenges related to equitable engagement with Indigenous Peoples and local communities and balancing carbon sequestration with other environmental benefits. The coalition noted that the market for nature-based carbon removal has been hindered by a perceived lack of high-quality restoration projects and uncertainty regarding willingness to pay, deterring investors and eroding public trust.
To address these challenges, the coalition launched an advance market commitment to signal aggregate demand to suppliers. It will be guided by "quality pillars" to inform criteria for procuring nature-based project types, focusing on conservative accounting, durability, social and community benefits, ecological integrity, and transparency.
The coalition will enable members to purchase nature-based carbon removal credits through a joint request for proposal (RFP). The initial RFP will concentrate on afforestation, reforestation, and revegetation projects (ARR), including agroforestry. These projects will emphasize criteria such as additionality, leakage, and the creation of durable and long-lasting projects, with plans to later align on criteria for mangrove restoration projects. This united effort marks a significant step towards advancing global climate goals through nature-based solutions and demonstrates the power of corporate collaboration in addressing the climate crisis.
