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Google's $35 million venture into the carbon credit market

Google announced its commitment to invest $35 million in carbon removal credits over the next year, becoming the first major corporation to respond to the US Department of Energy's (DOE) call for establishing a carbon removal market. This initiative, announced in September 2023, aims to kickstart the foundational elements of a market dedicated to carbon capture and removal efforts.

Googles $35 million venture into the carbon credit market_Landscape view of a deciduous forest_visual 1A forest. AI generated picture.

Randy Spock, who leads Google's Carbon Credits and Removals, expressed the company's pride in matching the DOE's funding on a dollar-for-dollar basis. This pledge is part of Google's broader strategy to engage in meaningful environmental action by investing in carbon removal credits.

Read more: United States DOE invests $13 million in carbon capture technology

The DOE's announcement complements its ongoing efforts to incentivise carbon dioxide removal through various programmes, including the Voluntary Carbon Dioxide Removal Purchase Challenge and the Carbon Dioxide Removal Purchase Pilot Prize. These initiatives are designed to foster innovation and reduce the costs associated with carbon removal technologies.

Read more: The voluntary carbon market's journey through 2023 and beyond

Google's commitment is seen as a catalyst that could encourage other tech giants to participate in carbon credit markets. Companies like Amazon and Microsoft have already shown interest by purchasing carbon removal credits throughout 2023. The DOE is also developing Direct Air Capture (DAC) hubs in Texas and Louisiana, with significant projects underway that involve partnerships with industry leaders and technology developers.

This collective effort underscores the growing momentum in the tech industry to address nature conservation through innovative solutions and investments in sustainability.

At DGB Group, our dedication lies in developing nature-based initiatives that contribute positively to the environment while also fostering social wellbeing and economic development. In collaboration with government entities, our goal is to ensure that our projects align with their environmental and economic strategies. This alignment amplifies the effectiveness of our actions, facilitating outcomes that support both national and regional objectives. Through our comprehensive approach to sustainability and our top-quality carbon units (carbon credits), the advantages of our projects reach all stakeholders, including local communities, paving the way for a more prosperous and sustainable tomorrow for all.

You can contribute to nature with DGB’s carbon units

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