Transaction

Indigo Ag - Microsoft offtake (40,000 t, third carbon crop)

Terms

Not ranked: Offtake, therefore not eligible for carbon financing league table
Announced: 20 Jun 2024
Instrument: Offtake
Amount: 40,000 tCO2eNo cash value disclosed
Source: indigoag.com

: Microsoft purchased 40,000 agricultural soil carbon credits from Indigo Ag's third carbon crop, issued in February 2024. Indigo's own release calls it "the largest number of credits ever delivered by Indigo Ag to an individual buyer" at the time. Credits are issued under the Climate Action Reserve's Soil Enrichment Protocol, project CAR1459. This is the first of three Indigo and Microsoft transactions recorded here: 40,000 tonnes in June 2024, 60,000 tonnes in 2025 on OFF-081, and 2,850,000 tonnes on a twelve-year agreement in January 2026 on OFF-033. The three are separate contracts and are never summed into one another. No contract value, term or delivery schedule is disclosed.

: The first of three purchases by the same buyer from the same developer, and the smallest by a wide margin: 40,000 tonnes here against 2.85 million on the same programme eighteen months later. Worth reading as the start of a sequence rather than as a deal on its own, because it is the pattern a corporate buyer follows when it is testing a pathway before committing at scale. Credits are delivered from an issued crop rather than contracted forward, so there is no delivery risk on this one.

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