“Our 15-year offtake agreement with Microsoft remains one of the longest contracted delivery schedules in the market today”, said Shannon Smith, Chief Commercial Officer of Chestnut, referencing the deal inked at the very end of last year. Easy to miss with all the noise around Microsoft and cleantech, but this deal was unique as it represented one of the larger purchases to incentivize planting new trees, not just the preservation of forests.

Technology companies are driving the majority of longer-term credit purchases, given a consumer base that wants to see emissions progress, combined with an emissions footprint lower than industrial peers, making it not financially prohibitive to offset. Carbon removal credits make up more of their budgets as those projects become available but there is a lack of projects. Chestnut was created by Kimmeridge Carbon Solutions to fill this gap in the market for high-quality carbon removal credits.

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