The preorder of 5,000,000 nature-based removal credits from Catona’s carbon portfolio will enable ENGIE to flexibly source removals from multiple high-impact projects with locked-in pricing through 2039.
Global reference in low-carbon energy and services, ENGIE, has pre-ordered 5 million tonnes of nature-based carbon removals issuing 2030-2039 from climate finance company, Catona. The collaboration exemplifies an industry-leading approach to decarbonization — reducing emissions aligned with public science-based targets and addressing residual emissions through high-impact carbon removal projects on the path to net zero and beyond. This pre-order also demonstrates how long-term offtake commitments can help attract capital for nature-based carbon removals and scale the market.
“Now is the time to accelerate the energy transition, and while we must all focus on reducing carbon emissions, reaching Net Zero will imply removing unavoidable emissions. Promoting the development of high-quality nature-based carbon removal projects will contribute to decarbonizing our client’s businesses and help the ENGIE group reach its Net Zero objective across all 3 scopes by 2045,” said Jérôme Malka, Executive Committee member at ENGIE’s business entity ‘Global Energy Management & Sales’. “Collaborating with Catona to address residual emissions was a natural fit given our alignment on quality and impact, and our shared commitment to supporting projects that not only remove carbon, but also provide meaningful benefits to local ecosystems and communities.”
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“Key to the success of our carbon financing model is our ability to work with forward-thinking corporations like ENGIE to send unambiguous demand signals to the market,” added Tate Mill, CEO of Catona Climate. “Those signals help us de-risk investments and drive more capital through our trusted network of project developers to accelerate the development of nature-based carbon removal solutions so critical to turning the tide on climate change once and for all.”