The project centers on planting 180 million spekboom shrubs, a succulent renowned for its resilience and efficiency in carbon sequestration. By revitalizing the Albany thicket ecosystem, the endeavor aims to restore biodiversity and soil health while providing substantial regional economic support. Projections indicate the program will generate approximately 11,000 jobs by 2030 and inject over $500 million into local communities through direct wages, procurement contracts, and landowner payments.
In section Market Quotes
Amazon Backs Major South African Carbon Restoration Project
Amazon has committed to a massive nature-based restoration effort in South Africa's Eastern Cape, pledging to purchase 1.95 million carbon-removal credits. The initiative targets the rehabilitation of 50,000 hectares of degraded land, leveraging the unique carbon-capturing properties of the native spekboom shrub to meet the company's net-zero climate goals.
Amazon’s long-term purchase agreement served as the catalyst for the World Bank to issue a Spekboom Outcome Bond. This financial instrument provided the necessary market confidence for the project by guaranteeing a buyer for future carbon credits. The investment aligns with Amazon’s broader Climate Pledge, which mandates the company reach net-zero carbon emissions across its global operations by 2040.
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