Shell (SHEL.L) said on Monday that it had invested 200 million reais ($38.07 million) in a Brazilian preservation firm.
Carbonext, a carbon credit provider, manages preservation initiatives on more than 2 million hectares (4.9 million acres) of Amazon Forest owned by firms looking to profit from the carbon market.
Carbonext then creates carbon credits, which may be traded. Shell will now have privileged access to the company’s carbon market, albeit prices will not be reduced.
“Associating our company with Carbonext is an important step towards our goal of offsetting 120 million tonnes of CO2 a year by 2030,” said Andre Araujo, president of Shell Brasil, in a statement, adding that the company also supports a worldwide drive to achieve net zero emissions by 2050.