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Carbon Market Expands Beyond Big Tech
21 Sep
Summary
- Mombak secures first close of its second reforestation fund.
- Salesforce signs new carbon credit purchase agreement.
- Demand for carbon removal is expected to broaden beyond tech.
Brazilian carbon removal startup Mombak announced it has secured the initial close for its second reforestation fund, Amazon Reforestation Fund II. This fund targets $150 million to support restoration initiatives within the Brazilian Amazon. Additionally, it will benefit from a 200-million-real credit line from Brazil's Climate Fund, managed by the state development bank BNDES.
Salesforce has entered into a multiyear carbon removal offtake agreement with Mombak. This partnership adds the software firm to Mombak's buyer roster, which already includes prominent companies like Google, Microsoft, and McLaren Racing. Mombak anticipates its second issuance of reforestation carbon removal credits, expected by the end of 2026, will be approximately 80,000 metric tons.
Mombak's CEO, Gabriel Silva, highlighted that the company's success over the past five years has proven the viability of the carbon removal market. He noted that advancements in productivity and reforestation techniques are decreasing costs, making carbon credits attainable for a wider array of buyers. BNDES socio-environmental director Tereza Campello confirmed that interest is accelerating from sectors beyond technology, including oil, mining, and steelmaking.
