An article summarized by Morningstar:
Amazon announced it will invest in one of the world's largest nature-based carbon removal projects by supporting the restoration of more than 50,000 hectares of degraded land in Eastern Cape. As part of the agreement, Amazon will purchase 1.95 million carbon-removal credits generated by the project over the next decade, helping advance its goal of reaching net-zero carbon emissions by 2040.
The restoration effort will focus on rebuilding the region's Albany thicket ecosystem by planting approximately 180 million spekboom shrubs, a native succulent that absorbs significant amounts of carbon while improving soil quality and promoting biodiversity. The project aims to remove carbon from the atmosphere while restoring a critical natural habitat.
Beyond its environmental impact, the initiative is expected to deliver major economic benefits to local communities. Amazon estimates the project will create around 11,000 jobs by 2030 and generate more than $500 million in economic value through wages, procurement, payments to landowners, and community investments. The company's long-term commitment to purchasing carbon credits also helped the World Bank launch a Spekboom Outcome Bond, providing investors with confidence that there will be a long-term market for the project's carbon credits.
