Octopus commits $500M to Living Carbon reforestation as Google, Meta, and McKinsey buy carbon credits from Appalachian mine sites

"Octopus Energy Generation has committed $500 million to Living Carbon, a San Francisco biotech company that plants trees on degraded land to remove carbon dioxide from the atmosphere."

"The deal will fund reforestation projects across North America with the goal of removing up to 50 million tonnes of CO₂ over 40 years."

"Google, Meta, and McKinsey have signed agreements to purchase 131,240 tonnes of carbon removal over ten years from Living Carbon's Appalachian reforestation projects."

"The technology companies buying these carbon credits are the same ones whose data centres now generate as many carbon emissions as the global airline industry."

Octopus Energy Generation has invested $500 million in Living Carbon, a biotech startup focused on planting trees on degraded land to absorb CO₂. This funding will support reforestation projects in North America, aiming to remove 50 million tonnes of carbon dioxide over four decades. Additionally, Google, Meta, and McKinsey have purchased 131,240 tonnes of carbon credits from Living Carbon's Appalachian projects. The investment underscores a contradiction, as these tech companies' data centers contribute significantly to global electricity consumption and carbon emissions.

Read at TNW | Ecosystems