Global energy and electricity provider Iberdrola announced the launch of Carbon2Nature (C2N), a new company aimed at developing high-impact nature-based solutions to eliminate carbon emissions and improve biodiversity, and generate high quality carbon credits for customers.

The company said that C2N expects to capture and store more than 61 million tonnes of CO2 in natural sinks through ecosystem conservation and restoration projects covering more than 100,000 hectares, including forests as well as coastal ecosystems and agricultural soils.

According to the company, Carbon2Nature will generate high quality carbon credits by driving the development of in-house or collaborative projects that will avoid emissions from the degradation of ecosystems and contribute to carbon sequestration, in addition to promoting environmental and social benefits.

The new company’s business plan will focus on areas where Iberdrola is present, with Latin American countries hosting around 80% of the projects, and northern hemisphere countries, including Spain, the UK and Portugal accounting for the remaining 20%. The company said that it is already working on project development in Brazil, Mexico, Colombia, Chile and Spain.

The launch of the new company follows the announcement last year of a series of environmental sustainability commitments by Iberdrola, including a goal to reach net zero across its full value chain by 2040, and the launch of its Biodiversity plan, with a pledge to achieve a net positive impact on the ecosystems and species where it operates by 2030.

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Miguel Ángel García Tamargo, director of Carbon2Nature, said:

“To face the global challenge of climate change, the firm was created with the ambition to make a long-term impact at an international level. In order to achieve this, it is committed to diversification in geographies and projects and promotes collaborative strategies for their development with local communities and other actors, guaranteeing the highest levels of quality.”