Terms
- Announced
- 30 Aug 2024
- Instrument
- Debt · Pre-purchaseCredits paid for before they are delivered, which finances the project.
- Amount
- US$100m
Parties
- Project developer
- Aurora Sustainable Lands
- Country
- United States
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis TotalEnergies Pre-purchaser US$100m Disclosed
Carbon
- Pathway
- Improved forest management
- Backed by offtakes from
What happened
- US$100m agreement signed 30 August 2024 under which TotalEnergies funds improved forest management across 20 carbon projects covering 300,000 hectares in 10 US states, and acquires the resulting credits. Anew Climate develops the credits and provides operational oversight; Aurora Sustainable Lands owns and manages the forestland. The projects are expected to generate at least 5 million tonnes CO2e a year by 2030, and TotalEnergies retires the credits beyond 2030. Recorded in Debt as a pre-purchase rather than as equity (allegedly a prepayment structure). Timing of payment is not disclosed
Kumo note
- One of the largest forward purchases of nature-based credits in this dataset, understood to be a pre purchase. (or at least partly) which is what pays for the change in forest management in the first place: US$100m committed in 2024 against credits generated by 2030 and retired after that. Timing of payment is not disclosed.
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