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Newsletter | Google Halts Carbon Credit Purchases; Sets Up $1.4B Carbon Removal Fund #Google is making sweeping changes to its #climateneutrality strategy, no longer relying primarily on carbon credits and no longer claiming its operations are carbon neutral. Instead, it has set a new goal of achieving net zero emissions by 2030. This goal will be achieved by reducing its own emissions and investing in projects that actively remove carbon dioxide from the air. 📩 Subscribe Climind Newsletter: https://lnkd.in/g_9xXkdB 🔍 Detail News: https://lnkd.in/eJXKycfM Google's #greenhousegasemissions significantly increased to approximately 14.3 million tons of CO2 equivalent in 2023, nearly 50% more than in 2019. Scope 1 emissions (direct emissions) were about 79,400 tons, accounting for 1% of the total carbon footprint; Scope 2 emissions (purchased electricity) were about 3.4 million tons, accounting for 24%; and Scope 3 emissions (supply chain and other indirect emissions) reached 10.8 million tons, making up 75%. This increase was mainly due to the surging energy demand from data centers and #artificialintelligence. #ClimateChange #CarbonNeutrality #NetZero #Sustainability #GreenFinance #Google #ClimateAction #EmissionsReduction #CarbonFootprint

More and more companies are abandoning the carbon offset market and moving towards real, physical carbon emissions reduction measures. Not on paper.  And that is 👍  https://lnkd.in/ddtffDTg

Google says it’s no longer carbon neutral. Is that a good thing? According to the tech giant's latest environmental report, Google has ended its mass purchase of cheap carbon offsets and thus stopped claiming that its operations are carbon neutral. The company now aims to reach net-zero carbon emissions by 2030. Earlier, the company claimed it’s been carbon neutral in its operations since 2007. This status was based on purchasing carbon offsets to match the volume of emissions that were generated from its buildings, data centers and business travel. But in its latest report, the company states: “Starting in 2023, we’re no longer maintaining operational carbon neutrality.” This move from Google came in line with a changing market — where the focus will be reducing greenhouse gas emissions to the extent possible and offset only residual emissions that too with high-end carbon offsets. In 2022, Google bought nearly 3 million tons of carbon offsets to counterbalance its direct emissions and business-travel emissions. Though the company did not declare what specific projects those offsets came from, its sustainability report stated that the credits were verified “under the Climate Action Reserve (CAR), American Carbon Registry (ACR), Verified Carbon Standard (VCS), or the UNFCCC Clean Development Mechanism.” But now, instead of bulk purchase of emissions-avoidance offsets, Google says it’s going to focus on absolute reductions in emissions and buy carbon-removal credits for its residual emissions In this year’s report, Google also confirmed that the company has “formally committed to the Science-Based Targets initiative (SBTi).” The group is a watchdog of corporate climate goals and recommends that companies focus on reducing their emissions and only use offsets for a small fraction of residual emissions. Google’s shift from carbon neutrality to net-zero emissions reflects a more ambitious goal. While carbon offsets played a role in the past, the focus now is on reducing emissions directly and investing in sustainable solutions. Whether this change is “good” depends on one’s perspective, but it aligns with broader efforts to combat climate change. #carbonmarkets #carbonneutrality #netcarbonzero #ghg

NEW VIDEO! 🎥 This week, 5D Net Zero's Sam Gocher brings you the news that Google are moving away from using carbon credits 🪙 Carbon credits aren't bought by corporations solely to become carbon neutral, however Google's move away from being carbon neutral falls hand-in-hand with them no longer offsetting their emissions 🤔 But what are they replacing them with? And why are we talking about this? Watch on to find out 👇 📞 Book a discovery call: https://lnkd.in/daTjrwkB 👣 Calculate your carbon footprint: https://lnkd.in/e4WgrBjt ♻️ Our carbon reduction plans: https://lnkd.in/ek8ZQfkM #Google #CarbonCredits #CarbonReduction #CarbonFootprint

🌍🔍 Google's Carbon Neutrality: Greenwashing or Genuine Progress? In the wake of Google's latest announcement about their commitment to carbon neutrality, I can't help but wonder if this is another case of corporate greenwashing. While it's commendable that tech giants are stepping up to address climate change, the details behind their claims often paint a different picture. 💡 Google proudly states they’ve been carbon neutral since 2007 and aim to operate on 24/7 carbon-free energy by 2030. But how much of this is actual reduction in emissions, and how much is offsetting through carbon credits? 🚫 Here's the controversy: Are carbon offsets just a convenient way for big companies to buy their way out of genuine environmental responsibility? Offsets can sometimes fail to deliver real reductions and may even delay meaningful action. The tech industry’s energy consumption is skyrocketing, and renewable energy credits alone won't cut it. 🔍 It's crucial to scrutinize the fine print of these pledges. How transparent is Google about its carbon footprint? What measures are they taking beyond purchasing offsets? Are they investing in sustainable technologies or just banking on a clean image? As professionals and consumers, we need to hold these corporations accountable. Celebrating their achievements is necessary, but so is demanding honesty and substantial action. #Google #CarbonNeutral #Greenwashing #Sustainability #TechIndustry #ClimateChange #EnvironmentalResponsibility

🏭A potential game changer for carbon removals: Google’s deal with Holocene for $100/ton Carbon removal technology has not yet lived up to its potential. Despite the hype it remains too expensive and of limited scale. However, anchor contracts like this one from Google may be able to change these dynamics. Some key things to know: -$100/ton is not the price today but the expected price in several years following innovation and efficiency gains -The price is helped significantly by US 45Q tax credits of up to $180/ton -The move is a boost to the carbon capture and storage (CCS) market reflecting the confidence of Google in the potential of the technology l and may drive other big players to make similar upfront commitments -According to the decarbonization pathways included in the latest Intergovernmental Panel on Climate Change (IPCC) 90% of the path to net-zero will come from reductions, while only 10% will be removals, meaning removals are important but shouldn’t distract from reduction efforts #climate #climatetech #ccs #carbon #emissions #netzero #greentech #decarbonization #ccs #carboncapture

### Google's Pioneering Move in Carbon Capture Pricing Google has recently set a new benchmark in sustainability by negotiating the lowest price yet for a direct air carbon capture contract. This transformative agreement was reached with Holocene, showcasing a significant leap forward in environmental responsibility and innovative partnerships. In a groundbreaking step, a major portion of Google's payment to Holocene is being made upfront, well before the carbon credits are actually delivered. This upfront payment model not only offers financial stability to the project but also accelerates its deployment, potentially setting a new standard in the industry. What are your thoughts on upfront payments for green initiatives like this? Could it be the key to faster and more effective climate solutions? #Sustainability #CarbonCapture #InnovativeFinance #GreenTech #ClimateAction #GoogleInitiatives

Big news for Direct Air Capture 🌎📢 Google just made a game-changing move by committing to purchase 100,000 tons of carbon removal from Holocene, a trailblazing DAC start-up 🌱 Here's why this is a huge deal ⬇️ 🔵 Google is locking in a price of $100 per ton—a huge leap forward, getting closer to the cost of traditional methods. Thanks to federal tax credits and Google's upfront investment, this lower price is possible. 🔵 This investment sets a precedent for other major corporations to follow suit, potentially driving down the cost of carbon removal and accelerating its adoption. 🔵 The deal may influence government policies related to carbon pricing, tax incentives, and investments in climate-related technologies. This isn't just another tech deal. It's a bold step towards accelerating the development of CDR technology. Google's making it clear: Investing in CDR is crucial, and they're leading the charge. Read the full release here: https://lnkd.in/eWKZ-Xt3 Do you believe Google's investment will encourage other major corporations to follow suit? Let us know in the comments 👇 #ClimateChange #CarbonRemoval #DirectAirCapture #ClimateAction #Sustainability #GreenTech #Google #Innovation #FutureOfClimate #CleanEnergy

Brad Smith following your collaboration and partnership announcement last week to build further #AI capacity and infrastructure. Microsoft and LSEG (London Stock Exchange Group) can #innovate further by taking markets further, driven by the need and demand which the above investments generate. Through your partnership with LSEG (London Stock Exchange Group) you have a unique pathway to hyper scale nature based solutions - providing a anchor to scale deep, transparent #carbonmarkets for all. Microsoft and the sector as a whole could be the largest price takers of nature based carbon removal contracts - providing the anchor for a #digital carbon #ECN for all sectors - supporting all carbon instruments from credits to bonds (the coupon generating the carbon offset) Scott Guthrie David Schwimmer As with the $100billion partnership fund, hyper scaling nature based #CCS solutions will scale and support an architecture and ecosystem for carbon markets to flourish #GFANZ #Emissions #ccs #netzero #NYCAW #Carboncapture The World Bank Google Lance Uggla #climateweeknyc

Did you see that Google is no longer claiming to be Carbon Neutral?? They've stopped mass purchasing carbon offset credits, which is what their claim was always really built on. Even though they've been hard to track and often questionable, a lot of money in climate action funding has gone to these carbon credit projects and markets over the years. This could be a big deal for the #sustainability industry and #greentech and I love that they're doing this. The real questions now are: 1) Who will follow Google's lead? 2) What will they put their money on now and how will that get them to their new goal of 2030? Hopefully, it's verified, local projects in the communities they're part of so they can have a tangible and traceable impact. If they do, Fifth Foundry will be able to help with that! (Anyone I know have any Google connections? 😉 ) #carboncredits #greenwashing