Tencent has signed a 10 year agreement to buy 300,000 carbon removal credits from an agroforestry project in Sulawesi, Indonesia. The project is run by Singapore based developer Thryve.Earth and combines tree planting with agriculture to sequester carbon, restore degraded land, and provide income for local farmers. Google also signed a separate deal for 260,000 credits from the same project, and McKinsey agreed to buy 75,000 credits. The average price for agroforestry credits in Asia is around $21.40 per credit according to data firm Sylvera. Tencent says carbon removal credits will help address residual emissions as it works toward carbon neutrality in its own operations and supply chain by 2030. The Sulawesi project uses a layered farming system with sugar palm, timber, fruit trees, and annual crops to optimize land use and generate revenue beyond carbon sales. The deal signals continued corporate demand for nature based credits even as some buyers like Microsoft have pulled back.
