In a historic move, the Brazilian government has auctioned its first public land concession for reforestation to the startup Re.green. The initiative aims to revitalize millions of acres of degraded land in the Amazon through the use of carbon credits.
Re.green, the sole bidder, has committed to restoring a 145,000-acre plot in the Bom Futuro reserve, offering a revenue share of 0.7% from carbon credit sales, amounting to an anticipated $2 million annually. This project will also involve the Karitiana Indigenous community, ensuring local engagement.
The ambitious effort, praised by Environment Minister Marina Silva, underscores the necessity of proactive reforestation amid increasing deforestation and climate threats. As the auction model shows promise, Brazil eyes reforesting 30 million acres by 2030, with plans to expand offerings under the new framework.
(With inputs from agencies.)