The initiative will focus on reforestation and regenerative agroforestry in the Amazon rainforest, removing up to 10 million metric tonnes of carbon dioxide emissions through 2050.
Investment in the nature-based carbon removal solutions will help fight climate change by naturally trapping and storing carbon, while also creating a more sustainable source of income for local farmers through the sale of crops.
Nature-based solutions play a vital role in avoiding the harmful effects of climate change, according to the Intergovernmental Panel on Climate Change. Investment in nature-based solutions at scale can help reduce carbon emissions and remove carbon from the atmosphere.
In partnership with the Nature Conservancy, the project is part of Amazon’s commitment to meeting The Climate Pledge of net-zero carbon by 2040.
To meet The Climate Pledge, Amazon is focused on decarbonising its business through investment and innovation. The company is the largest corporate buyer of renewable energy in the world.
Christiana Figueres, co-founder of Global Optimism and former UN climate chief responsible for the Paris Agreement, said: “Science is unequivocal in regarding natural systems as the priority for absorbing carbon from the atmosphere and the latest IPCC report underscores this.”
“Protecting standing ecosystems and restoring degraded land are critical as carbon mitigation strategies, especially over the next decade or two.”
“Projects that achieve this to sustain both nature and the livelihoods of the local community are invaluable to the transformation needed to thrive well beyond the climate crisis. Kudos to Amazon and The Nature Conservancy.”
The initial investment in the Accelerator will support 3,000 farmers and restore approximately 20,000 hectares within three years.
The Accelerator, implemented by The Nature Conservancy, will help small farmers restore degraded cattle pastures to native forest and agroforestry. Also, the Accelerator will experiment with innovative ways to advance new methodologies for quantifying and monitoring carbon removal.
Jennifer Morris, CEO, The Nature Conservancy, said: “For 20 years, The Nature Conservancy has worked with small farmers, community leaders, government officials, and Indigenous peoples to identify and implement win-win solutions, like agroforestry, that help people and nature thrive.”