Microsoft used blockchain technology to purchase carbon credits for the soil in Australia. In combination with Regen Network, which is based on the Cosmos blockchain, the CarbonPlus Grassland credits were initially given to two ranches in New South Wales.
The carbon credits are used as a measure of soil binding, at which atmospheric carbon dioxide is captured and stored in the soil. This is achieved through Regen Network’s remote sensing technology and is also intended to help monitor animal welfare, soil health and the overall health of the ecosystem.
As part of an initiative by the natural capital company Impact AG, Wilmot Cattle Co received capital credit totaling 43,338 tons prior to the purchase by Microsoft. Wilmot ranchers reportedly increased the concentration of organic carbon in the soil on their land to 4.5%, which was achieved through managed grazing. The ideal concentration of organic carbon in the soil should be 4% to 6%.
Microsoft announced in 2020 that it would try to reduce its carbon footprint to zero by 2030. In addition, Microsoft aims to eliminate a volume of carbon equal to the volume it has been responsible for since it went live in 1975.
Christian Shearer, CEO of Regen Network, celebrated the initiative, adding that it raised hope for the concept of natural approaches to tackling climate change.
“Our collaboration with Impact Ag and Wilmot Cattle Co makes us more hopeful than ever that agricultural and nature-based solutions to climate change are not only real, but also have the potential to rapidly sequester carbon and make our food systems more resilient,” said Shearer and added, “The extent to which Microsoft is buying carbon credits should give all of us hope that the business can and will be a catalyst for change.”