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TotalEnergies (NYSE:TTE) said Friday it signed a $100M agreement to support projects in the U.S. designed to protect forests under a scheme to buy carbon credits that will allow it to discount the amount of greenhouse gas emissions it emits in official environmental reporting.
TotalEnergies (TTE) said its investment will support improved forest management practices across a portfolio of 20 carbon projects, covering nearly 750K acres in 10 states across the U.S.
The environmental benefits expected from the agreement include the preservation of natural carbon sinks by reducing timber harvesting, as well as water and soil quality improvement, biodiversity protection and natural habitat conservation, TotalEnergies (TTE) said.
The company said it is amassing offsets to make up for greenhouse gas emissions that it cannot eliminate by 2030.
The agreement was signed with climate-solution adviser Anew Climate and U.S. forest landowner Aurora Sustainable Lands, who will provide operational oversight.
TotalEnergies (TTE) has set a goal of spending $100M/year to build a portfolio of projects offsetting at least 5M metric tons of CO2 annually by 2030; it did not say how many offsets the latest deal will buy or the exact time frame for the deal.
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