Brazilian banks and corporations came together at COP27 in Egypt last week to announce the creation of a new company, which, they say, will focus on the “restoration, conservation and preservation of forests in Brazil” through the commercialisation of carbon credits.
They insist the project, named “Biomas”, is resistant to greenwashing, even though a report from the UN last week warned against the “undue reliance on the use of offsets and potential unrealistic dependence on removals” to achieve climate goals.
