Amazon · South Korea · Oracle · Singapore · Datacenter Dynamics
Amazon signs 1.95 million carbon removal agreement in South Africa
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Amazon has agreed to purchase 1.95 million tons of carbon removal credits from a World Bank-backed spekboom planting project in South Africa's Eastern Cape.
Key facts
- Phase the reporter, covering 10,000 hectares with 30 million plants, has been underway since April 2024
- Amazon has agreed to purchase 1.95 million tons of carbon removal credits from a World Bank-backed spekboom planting project in South Africa's Eastern Cape
- The project will see 180 million spekboom cuttings, a hardy succulent native to the region, planted across more than 50,000 hectares of degraded land by the end of 2028
- The project is also expected to boost the region's workforce, creating around 11,000 jobs by 2030
Summary
The long-term agreement will support the World Bank in launching the Spekboom Outcome Bond, which it claims will give investors confidence in the project's future demand for credits. The project will see 180 million spekboom cuttings, a hardy succulent native to the region, planted across more than 50,000 hectares of degraded land by the end of 2028. Phase the reporter, covering 10,000 hectares with 30 million plants, has been underway since April 2024. According to Amazon, the project will support carbon removal by restoring dusty, dry, degraded land to thriving habitats.