Nature-based carbon removal startup Chestnut Carbon announced that it has secured a new $210 million project finance credit facility, led by J.P. Morgan and backed by a massive forest-focused carbon removal offtake agreement recently signed with tech giant Microsoft.
The agreement marks the first financing of its kind for a U.S. voluntary carbon removal afforestation project, with Chestnut, Microsoft and J.P.Morgan highlighting its ability to provide a new route to fund the development of large-scale nature-based carbon removal projects with low-cost, mainstream capital, replicating similar models used for established infrastructure classes.
Greg Adams,
