Meta closes deal to buy up to 3.9 million carbon credits in Latin America [Yahoo! Finance Canada]
Gannett Co., Inc. (GCI)
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Source: Yahoo! Finance Canada
SAO PAULO (Reuters) - Facebook owner Meta agreed to buy up to 3.9 million carbon offset credits from Brazilian investment bank BTG Pactual's forestry arm through 2038, the companies said on Wednesday in a statement. They did not disclose the value of the deal. The average price for forestry carbon offsets last week was $4.22 per credit, according to data provider Allied Offsets. That could value the deal at up to $16 million based on that pricing. Carbon offsets allow companies to offset greenhouse gas emissions by paying for actions to cut emissions elsewhere to meet corporate climate goals. Each credit represents a reduction of one metric ton of carbon dioxide emissions. Under the long-term contract signed by Meta and BTG Pactual Timberland Investment Group (TIG), the owner of Facebook and Instagram agreed to buy 1.3 million carbon credits, with options to purchase an additional 2.6 million credits. Meta said the deal is its largest carbon removal transaction from a single
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