TotalEnergies bets $100m on U.S. forests to supercharge carbon capture and combat climate change
TotalEnergies (Paris) (LSE) (NYSE) has unveiled a major $100 million investment aimed at fortifying sustainable forestry operations in the United States. The French multinational energy company has signed a strategic agreement with two key players in climate solutions: Anew Climate and Aurora Sustainable Lands. This partnership is set to revolutionize forest management practices across the U.S., focusing on preserving productive forests from excessive timber harvesting, transitioning to sustainable management practices, and boosting their capacity to absorb carbon from the atmosphere.
The investment will support Improved Forest Management (IFM) across a portfolio of 20 carbon projects spanning 300,000 hectares in ten states, including Arkansas, Florida, Kentucky, Louisiana, Michigan, Minnesota, New York, Virginia, West Virginia, and Wisconsin. These projects aim to implement sustainable forestry practices that not only enhance carbon sequestration but also improve water and soil quality, protect biodiversity, and conserve natural habitats.
Anew Climate, a leading North American climate solutions firm, and Aurora Sustainable Lands, a prominent carbon stewardship organization and forest landowner, will provide critical operational oversight to ensure that the projects adhere to the highest standards of additionality and durability. This rigorous oversight will guarantee that the carbon credits generated meet stringent quality criteria, thus maximizing their environmental impact.
The initiative is expected to deliver significant environmental benefits. By reducing timber harvesting and adopting sustainable management practices, the projects will help preserve vital carbon sinks. These enhanced forests will play a crucial role in mitigating climate change by absorbing more carbon dioxide from the atmosphere. Additionally, the projects will contribute to improved water and soil quality, support biodiversity, and protect natural habitats.
TotalEnergies plans to acquire and retire the carbon credits generated by these projects beyond 2030. These credits will be used to voluntarily offset a portion of the company’s remaining direct Scope 1 & 2 emissions, after prioritizing emission avoidance and reduction strategies. This move aligns with TotalEnergies’ broader strategy to achieve carbon neutrality and demonstrates the company’s commitment to integrating nature-based solutions into its climate action plans.
Alignment with U.S. Voluntary Carbon Markets Principles
In a broader context, TotalEnergies’ investment aligns with the U.S. government’s recently issued Voluntary Carbon Markets Joint Policy Statement and Principles, published on May 28, 2024. These principles emphasize integrity, transparency, and environmental protection in voluntary carbon markets. TotalEnergies’ actions are in full support of these principles, reflecting the company’s dedication to upholding high standards in carbon offset initiatives.
Adrien Henry, Vice President of Nature-Based Solutions at TotalEnergies Exploration & Production, expressed enthusiasm about the partnership, stating, “We are thrilled to collaborate with Anew Climate and Aurora Sustainable Lands, whose expertise and commitment to high-quality projects are crucial for the sustainable preservation of natural carbon sinks. This investment is a significant step towards achieving our carbon neutrality goals.”
Angela Schwarz, CEO of Anew Climate, echoed this sentiment, highlighting the alignment of values between the partners: “TotalEnergies’ dedication to avoiding and reducing emissions as a primary principle, coupled with our shared belief in the importance of investing in meaningful carbon projects, underscores our commitment to impactful climate action.”
Jamie Houston, CEO of Aurora Sustainable Lands, emphasized the broader impact of the investment on forest ecosystems: “TotalEnergies’ trust and investment enable us to maintain the delicate balance between forest health, soil quality, watersheds, and wildlife habitats. This collaboration is set to generate substantial and lasting climate benefits on a large scale.”
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