California - December 21, 2023 - LATAM has just signed in Dubai (United Arab Emirates) a letter of intent with Future Carbon to offset 400,000 tons of CO2 through the generation of carbono credits that will help protect 22,000 hectares of the Amazon and Cerrado biomes in Brazil over the next 10 years. The agreement was signed at COP28, the 28th United Nations Climate Change Conference, in an exclusive ceremony at The Conduit, a global community that brings together investors, entrepreneurs, and business and civil society leaders seeking solutions to make a positive impact on the world. The credits generated by the partnership will help conserve an early and exclusive LATAM project in a region at high risk of deforestation and degradation in Mato Grosso.
Over the next 10 years, 400,000 tons of CO2 will be generated under the REDD+ model, which establishes the reduction of greenhouse gas emissions from deforestation and environmental degradation through the conservation and increase of forest carbon stocks and sustainable forest management. Signing the agreement were Maria Elisa Curcio, Director of Corporate Affairs, Regulatory Affairs, and Sustainability for LATAM Brazil, Lígia Sato, Sustainability Manager for LATAM Brazil, Fabio Galindo, CEO of Future Carbon, and Pedro Plastino, CBO of Future Carbon.
The 22,000 hectares to be protected and preserved by LATAM are located in the municipalities of Nova Olimpia, Denise, Reserva do Cabacal, Salto do Ceu, and Barra do Bugres, in the transition region between the Amazon (64%) and Cerrado (36%) biomes. The initiative has potential impact on climate (carbon storage and sequestration), community (allocation of resources to the socio-environmental fund to promote actions for the benefit of the local population), and biodiversity (conservation of local fauna and flora and the development of bioeconomy products).
"LATAM has a long-term commitment to Brazil, South America, and other regions where it operates. The generation of carbon credits is one of the paths to contribute to the effective conservation of our ecosystems from real threats such as deforestation. We chose a 100% Brazilian and early-stage project because we want to go beyond carbon credit acquisition. We want to be part of decision-making and actively contribute to environmental and socio-economic measures to keep Brazil's biomes standing and collaborate with the present communities," explains Maria Elisa Curcio, Director of Corporate Affairs, Regulatory Affairs, and Sustainability for LATAM Brazil.
"This signing is very symbolic. Future Carbon and LATAM are here showing the world the potential of the Amazon, Latin America, and how they can transform lives through carbon credit projects. As a Brazilian company with global operations based in London, we are also very happy to be welcomed here at The Conduit, which brings together this community with many important partners in the climate agenda. We are building the world we want to live in, offering solutions with high integrity, high quality, social impact, and, above all, placing people and communities at the center of the strategy," comments Fabio Galindo, CEO of Future Carbon Group.
Future Carbon is a climate business (a global company in the climate sector that acts as an ecosystem of scalable solutions toward decarbonization) that offers end-to-end solutions through a platform that combines the development of carbon credit projects, consulting, carbon finance, and forest concessions. It is a partner of LATAM in the development of the Itamarati project as part of the company's decarbonization agenda toward the NetZero future.
The initiative announced in Dubai represents another advancement for the LATAM group in achieving its goals of reducing and/or offsetting the equivalent of 50% of domestic emissions by 2030 and becoming a carbon-neutral company by 2050.
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