Mitsubishi’s next big venture is a carbon market.
a joint venture to set up what it says is the world’s biggest portfolio of carbon removal credits. The credits represent tons of carbon dioxide taken out of the atmosphere through a range of still contentious tactics for dealing with climate change.
Carbon credits have become a popular way for corporations to keep on polluting while claiming to fight climate change The new venture, called NextGen, establishes a new marketplace for carbon offset credits. Mitsubishi and its partner on the venture, a project developer called South Pole, plan to connect other companies with carbon removal projects so that they can purchase credits to offset some of their greenhouse gas emissions. The plan is similar to anNextGen secured commitments from companies to purchase roughly 200,000 metric tons worth of carbon removal credits.
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