Hartree Partners, a prominent global energy and commodity trader, has made a substantial commitment, pledging over US$2 billion in private sector investments towards the creation of new carbon credits. In collaboration with Wildlife Works, a renowned conservation organization, Hartree aims to produce 20 million voluntary carbon credits annually, commencing in 2023. This initiative will lead to a remarkable 40% increase in verified avoided-deforestation projects, capable of reducing deforestation-related emissions by 20 million tonnes per year. While specific financial details of the agreement have not been disclosed, the partnership between Hartree and Wildlife Works holds significant promise.
Wildlife Works specializes in supporting and developing forestry projects across Africa, Asia, and Latin America. The carbon credits generated from these projects, funded through Hartree's investments, will undergo rigorous verification processes utilizing third-party certifications such as the Voluntary Carbon Standard and the Climate, Community, and Biodiversity standard. Notably, Wildlife Works emphasizes that these projects will be executed in collaboration with local communities, aiming to deliver benefits beyond carbon capture.
At present, nature-based carbon offsets trade at approximately US$5 per tonne. However, Hartree anticipates that the growing demand for such offsets will drive prices to range between US$9 and US$30 per tonne. The partnership's comprehensive approach to carbon credit generation, bolstered by private sector investments, holds tremendous potential in combating climate change and promoting sustainable practices.