Shell invests $40 million in carbon credit projects in Brazil

The Shell logo and stock chart are seen in this illustration taken May 1, 2022. REUTERS/Dado Ruvic/Illustration

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SAO PAULO, July 11 (Reuters) – Shell said on Monday it had invested $40 million in a Brazilian conservation company.

Carbon credit developer Carbonext manages conservation projects on more than 2 million hectares (4.9 million acres) of the Amazon rainforest that are owned by companies seeking to capitalize on the carbon market.

Carbonext then generates carbon credits that can be resold. Shell will now have preferential access to the corporate carbon market, but will not benefit from reduced prices.

“Associating our company with Carbonext is an important step towards our goal of offsetting 120 million tonnes of CO2 per year by 2030,” said Andre Araujo, president of Shell Brasil in a note, the company also supporting a global initiative to achieve net zero emissions by 2050.

(This story corrects investment amount figures after company’s new statement)

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Reporting by Rafaella Barros; Written by Carolina Pulice; Editing by Christian Schmollinger

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