Iberdrola’s subsidiary and Carbon2Nature partner to enhance carbon capture projects in Brazil
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Iberdrola announced that its subsidiary, Neoenergia, is partnering with Carbon2Nature to develop projects that capture carbon using nature-based solutions to reduce the global footprint. In addition to reducing carbon, the project aims to enhance biodiversity and foster a sustainable economy.
The agreement’s goals align with both companies’ corporate strategies. The partnership will boost the “development of conservation, sustainable management and restoration projects in various ecosystems in Brazil.”
This agreement, a joint venture, will have Carbon2Nature owning 51% and Neoenergia owning 49%.
The majority of the initiatives in Brazil will involve forest projects, but there will also be a focus on exploring projects related to marine ecosystems (“Blue Carbon”).
It is anticipated that in the next few years, a tree density of 15 million trees spread across more than 19,000 hectares will capture over 10 million tonnes of CO2.
Also read: Neoenergia and Brazil’s Ministry of Defense partner for 10 solar power plants
Carbon2Nature was launched by Iberdrola a year ago with the intention of capturing and sequestering more than 60 million tons of CO2. The project intends to do this via “long-term restoration, conservation and sustainable management projects with a high climate, environmental and social impact”.
Carbon2Nature, a company fully owned by Iberdrola, upholds the energy firm’s dedication to a sustainable model with two main goals: achieving net-zero emissions across all areas by 2040 and creating a net positive impact on biodiversity by 2030.
Its current projects include planting nearly 2 million trees, which aim to capture over 800,000 tonnes of CO2.
In addition, negotiations are underway for a significant portfolio that could potentially involve planting more than 20 million trees and capturing over 14 million tonnes of CO2.
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