This is part 4 of a 4-part series
On top of natural gas and renewable energy, oil majors have a third lever they can harness to see the energy transition through, with carbon-negative solutions (carbon sinks) providing a way to offset emissions from their operations.
In Africa, their efforts are focused on forestry projects, notably as part of the UN REDD+ programme on reducing emissions from deforestation and forest degradation in developing countries. The initiative draws on a strict methodology and independent certification agencies like US-based Verra, which manages the Verified Carbon Standard (VCS) Program.
This is the first project of its kind on the continent for the French group, which aims to become carbon neutral by 2050.
In 2019, Total created Nature Based Solutions, a business unit dedicated to investing in carbon sinks. Backed by an annual budget of $100m as of 2020, the
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