Tech giants, Microsoft has used blockchain technology to purchase soil carbon credits in Australia.
Microsoft purchased 43,338 metric tons worth of soil carbon credits that are representative of carbon sequestration at ranches in New South Wales. Carbon credits are utilized as a measure of soil sequestration.
Soil sequestration is a process where atmospheric carbon dioxide is captured and stored in the soil. Regen Network’s remote sensing technology was used to carry out the process.
Wilmot Cattle Co, was issued 43,338 metric tons of carbon credits via an initiative prompted by Impact AG before it was purchased by Microsoft.
Regen Network CEO Christian Shearer said:
Our work with Impact Ag and Wilmot Cattle Co makes us more hopeful than ever that agricultural and nature-based solutions to climate change are not only real, but have the potential to rapidly sequester carbon and build resiliency into our food systems,” said Shearer, adding, “The scale at which Microsoft is purchasing carbon credits should give us all hope that business can and will be a catalyst for change.
A total of 43,338 metric tons worth of carbon credits were issued to Wilmot Cattle Co in an initiative prompted by natural capital firm Impact AG before Microsoft purchased it. The Wilmot ranchers have reportedly increased the concentration of soil organic carbon on their lands up to 4.5%, achieved through managed grazing practices. The ideal concentration of soil organic carbon is said to be 4% to 6%.
Technology giants, Microsoft announced last year that it plans to cut its carbon footprint to zero by the year 2030.