French supermajor TotalEnergies is joining forces with Australian carbon developers AgriProve and Corporate Carbon to develop natural underground carbon sinks in Australia and to help prevent savanna fires, particularly in Africa.
“We are pleased to partner on concrete projects and invest in natural ecosystems that will generate high-quality carbon credits over the next decade,” said TotalEnergies vice president for nature based solutions Adrien Henry.
"Australia is a pioneer in soil carbon sinks and savanna fire management methodologies."
The French company plans to spend $100 million annually to build a portfolio of projects capable of generating at least 5 million tonnes per annum of carbon dioxide equivalent worth of carbon credits per year by 2030.
These carbon credits will be used after 2030 to offset its Scope 1 and 2 emissions.
The partnership with AgriProve — a 20,000-hectare soil carbon sequestration operation in Australia — is intended to remove and sequester more than 3 million tonnes of CO2e.
Since October 2020, TotalEnergies and AgriProve have been partnering to foster the development of soil carbon sinks in Australia by engaging with, financing and supporting volunteer farmers in their transition from intensive agriculture to various regenerative agricultural practices.
Farmers in the programme also benefit from additional income from the sale of Australian Carbon Credit Units (ACCUs).
Seventy farmers have already joined the project, representing 15,000 hectares of land.
Meanwhile, TotalEnergies said its partnership with Corporate Carbon is focusing on developing an international methodology for savanna fire management based on Australian Indigenous land management know-how to help preserve African landscapes.
Since July, the duo has been developing a free, international methodology to prevent savanna fires, along with tools to verify the impact.
The methodology is based on Australian Indigenous savanna fire management techniques, which cultivate burning practices that avoid severe late dry season fires.
The International Savanna Fire Management Initiative estimates that savanna fires cause net emissions of 2 gigatonnes per annum of CO2e, of which 70% is in Africa.
To help resolve this issue, the partnership includes the launch of initial programmes with resident populations in the southern Africa region to implement the necessary practices.
The measurement of avoided emissions achieved through these fire management practices will be performed using extensive satellite data and remote sensing.
- Fossil fuel subsidies called out in latest COP26 draft document
- Repsol hikes 2030 renewables target to 20GW amid strategy update
- Shoring up hydrogen supply: Perth basin gas player looks to create one of Australia’s largest carbon sinks
- Fossil fuel economy has 'reached its limits': European Commission
- Private equity firm Bluewater backs new energy storage infrastructure company with $250m