Digital retail and platform company Amazon has committed to buying 1.95-million tons of carbon removal credits generated over more than a decade by the nature-based carbon removal programme in South Africa's Eastern Cape that it is supporting.
This long-term commitment by the company enabled international development organisation the World Bank to launch the Spekboom Outcome Bond, which gives investors the confidence that there is a buyer for the project's future carbon credits.
These credits are available for qualified companies to buy through Amazon's carbon credit service, it says.
The credits will meet some of the world's highest standards for nature-based carbon removal and will carry both the ABACUS label and the Climate, Community & Biodiversity (CCB) certification.
The restoration project that Amazon is supporting will see 180-million spekboom shrubs planted in South Africa’s Eastern Cape by 2028 to bring back the area’s thriving habitats.
