Brazilian asset manager Mombak has sold 50,000 carbon credits to Google from its Amazon Reforestation Fund.
The firm held a $100 million final close on the vehicle in 2023 and has a mandate to reforest degraded, unproductive Amazonian pastureland with a mix of 60 native Brazilian tree species.
The price Google paid for the carbon credits was not disclosed but chief executive Peter Fernandez has previously told Agri Investor that Mombak has agreed offtake agreements worth “more than $50” per carbon credit.
Mombak intends to create high integrity credits by committing to never cut down the reforested trees for timber and the land will be permanently and legally preserved.
This will also help to reverse biodiversity loss, create a dependable habitat for native flora and fauna, improve watershed assets and generate new sources of employment for local communities.
Sao Paolo-based Mombak has committed to delivering the carbon credits to Google by 2030.
The fund manager has also sold carbon credits to Microsoft and McLaren Racing from its reforestation vehicle.
