Octopus Energy Generation has committed $500 million to U.S. reforestation and afforestation projects managed by Living Carbon. The initiative aims to remove up to 50 million tons of carbon dioxide from the atmosphere over the next 40 years by restoring degraded farmland and abandoned mines. This investment comes as a major signal of stability for the carbon removal market, appearing shortly after reports that Microsoft adjusted its procurement pace. Living Carbon has already secured offtake agreements with other major tech firms, including Google and Meta.
