The Australian unit of Royal Dutch Shell has announced it will acquire environmental services firm Select Carbon.
The business specialises in developing carbon farming projects across Australia, covering about nine million hectares.
The carbon credits generated through these projects, which aim to increase carbon capture in plants or soil and reduce Australia’s carbon dioxide emissions, are offered for sale through the Australian Government’s Emissions Reduction Fund.
Shell says Australia is a priority market for Shell’s investment in renewables and this acquisition will help the oil giant reach its net zero goal by 2050 or sooner.
Tony Nunan, Chairman of Shell Australia, commented: “The scale of Australia’s rangelands, ecological diversity and integrity of intact primary forests make this market a natural choice for Shell’s first acquisition globally for our Nature-Based Solutions business and to further scale Shell’s investment in this area here in Australia.”
Dean Revell, CEO of Select Carbon, said: “Our collective immediate actions and those over the next few decades, will be critical to ensure liveable, productive and sustainable environments for generations to come.”
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