In the race to offset their carbon footprints, two giant companies—Shell and Microsoft—stand out as the largest carbon credit buyers in 2024, according to the Allied Offsets report. Their massive retirements reflect differing strategies and priorities, however, signaling distinct approaches to tackling carbon emissions through carbon markets.
Shell, the world’s largest fossil fuel company, and Microsoft, a technology leader, have been pivotal players in the voluntary carbon market (VCM). However, their activities reveal stark contrasts in how they approach sustainability goals and what projects they support.
Meanwhile, the broader carbon credit market in 2024 showed a growing emphasis on removals and diversification of project types.
Shell: The Emission Offset Leader
Shell retained a massive 14.5 million carbon credits in 2024, taking the top spot for the second consecutive year. This commitment is a significant part of Shell’s strategy to offset its extensive emissions.
Unlike Microsoft, which has heavily invested in carbon removal technologies, Shell’s purchases mainly target projects focused on emissions avoidance.
A large portion of Shell’s credits—9.4 million—came from forestry and land-use initiatives. These projects, focusing on protecting and managing forests to prevent the release of stored carbon, are cost-effective but also face scrutiny over integrity concerns. Interestingly, the energy giant announced plans in November last year to sell part of its nature-based carbon projects.
The company also retired 2.4 million renewable energy credits, a cheaper and more widely accepted option in the market.
Moreover, the price difference between Shell’s credits and Microsoft’s illustrates their contrasting strategies. While Shell paid an average of $4.15 per credit, it remains focused on more affordable projects, including renewable energy and forestry.
Despite criticisms over the quality of some of its projects, Shell continues to be a significant player, aligning its credit purchases with its ongoing goal of achieving net-zero emissions by 2050. To achieve that, the oil major aims to reduce emissions from its operations by 50% by 2030, using 2016 baselines.
Microsoft: A Carbon Removal Champion
In contrast, Microsoft has pursued a more aggressive approach toward carbon removal, setting itself apart with a robust commitment to investing in innovative carbon capture technologies. The company retired 5.5 million credits in 2024, a distant second to Shell. However, the type of credits the tech giant bought tells a different story.
A key focus for Microsoft has been on bioenergy with carbon capture and storage (BECCS). It is an expensive and emerging technology that is capable of delivering carbon-negative results. BECCS works by capturing the carbon dioxide released during the burning of biomass and storing it underground.
Nearly 80% of Microsoft’s 2024 carbon credits came from BECCS projects, with the largest purchase of 3.3 million credits coming from Sweden’s Stockholm Exergi. While this technology is still in its infancy, it plays a critical role in global pathways to achieving net-zero emissions.
Microsoft’s strategy, however, is not without its challenges. BECCS credits are costly, with average prices of $389 per credit—substantially higher than the costs associated with Shell’s projects.
- In 2024, Microsoft’s average credit price was $189, a significant investment considering its aim to neutralize emissions across its operations.
Despite the high costs, Microsoft’s commitment to carbon removal reflects its leadership in the tech industry’s broader sustainability agenda. The major tech company aims to be carbon-negative by 2030.
Microsoft’s strategy to focus on carbon removals seems to be on the right track. The broader carbon market trend reveals the growing interest in carbon removal credits.
Carbon Market Dynamics: Increasing Focus on Quality and Carbon Removal Credits
The VCM in 2024 has shown signs of shifting, with a significant uptick in carbon removal credits, per the report. However, overall retirement activity in the VCM plateaued, with 2024 marking the third consecutive year of minimal growth.
The decrease in market growth is not necessarily a negative development, as more buyers have shifted toward high-quality, impactful projects.
While Shell and Microsoft represent the extremes in carbon credit purchasing, other buyers are increasingly exploring removals and non-traditional carbon offset projects. Removals, such as those associated with BECCS, saw a larger share of the market, though they still constitute a small portion overall.
This shift reflects a broader trend toward supporting innovative carbon removal solutions, which can deliver long-term, lasting environmental benefits. Another report by the MSCI also reveals the same trend—demand for carbon removal credits is rising.
The market’s composition is also diversifying. Projects related to renewable energy and forestry still dominate. However, their share in total credit retirements has decreased from 80% in 2020 to 70% in 2024.
At the same time, new entrants into the market are pushing for more varied solutions, including technologies for direct air capture and carbon removal, which add complexity to an already challenging marketplace.
Challenges for Credit Buyers and the Market
One of the major challenges for buyers is the oversupply of carbon credits in the market, which continues to grow. In 2024, the number of issued but not retired credits increased again, contributing to a potential glut in available credits.
This dynamic is particularly evident in the market for older Clean Development Mechanism (CDM) credits, which have increasingly been criticized for their lack of additionality and impact.
Despite these challenges, the number of active buyers in the VCM continues to grow. In 2024, more than 6,500 companies participated in the market, a slight increase compared to previous years.
The vast majority of carbon credit buyers continue to come from the financial and energy sectors, with Microsoft representing a key player in the tech space. Even though more companies are entering the market, the rate of growth has slowed. This suggests that carbon credits are becoming a more established component of sustainability strategies.
As we move into 2025, the divergent strategies of Shell and Microsoft may serve as a model for others seeking to engage with the VCM. Shell’s focus on affordability and scale contrasts with Microsoft’s commitment to cutting-edge carbon removal technologies.
Yet, both companies are working towards a common goal—neutralizing their emissions and supporting global climate efforts.
As the market continues to evolve, these two companies are likely to remain at the forefront of shaping how businesses approach their carbon footprint and the critical role carbon credits play in the global fight against climate change.
The post Shell and Microsoft Are The Biggest Carbon Credit Buyers in 2024: What Projects Do They Support? appeared first on Carbon Credits.
Carbon Footprint
One Carbon World joins Carbon Markets Africa Summit as Official Climate Impact Partner
Disseminated on behalf of VUKA Group.
“Partnerships the way to scale of the African carbon market”
One Carbon World (OCW) will be the official climate impact partner of the upcoming Carbon Markets Africa Summit (CMAS) taking place in Johannesburg from 22 to 23 October.
OCW is a not-for-profit dedicated to helping organisations reduce their carbon footprint and achieve recognised standards such as the Science Based Targets initiative (SBTi). They provide tailored guidance to clients and advocate for putting high-quality data in front of decision-makers.
Carbon Markets Africa Summit will gather the continent’s entire carbon markets value chain, from successful early carbon market movers, climate-finance-ready projects, and regulatory bodies to global institutional development organisations and investors.
Measuring CMAS carbon footprint
“We are very, very proud to be working with the VUKA group as their climate impact partner for the CMAS Summit,” says Madeleine Garlick, One Carbon World Africa Director. “We will be measuring the carbon footprint of the CMAS Summit. VUKA believes in leading by example, which includes setting high standards for themselves.”
She adds:
“Our partnership, we hope, will enable VUKA to gather huge amounts of data to understand the impacts of their summits. By working together, we hope to be able to track year-on-year improvements. It is a journey. And we think that this is a really, powerful move by an organisation who are not only hosting the critical green conversations that we need about Africa’s future, but are also leading the way by walking the walk themselves.”
Monitoring, reporting and verification
One Carbon World recently began to expand its work into nature-based solutions projects in the carbon market. Garlick explains:
“This is very much in response to what our customers have been asking for, which is high integrity carbon credits to support their low carbon journey. We particularly support our customers and clients and projects through the MRV process (monitoring, reporting and verification) to ensure that their process and activities are of high integrity and comply with all the relevant data and global verification requirements. Ultimately, we believe that carbon markets are a key part of the climate journey for a number of organisations.”
Partnerships key to scale African carbon markets
According to Madeleine Garlick, One Carbon World’s key message at CMAS will be that:
“African stakeholders and innovators are developing and leading the market at the moment. And the most important thing at this point in the progress and development of the African carbon market is partnership. Partnerships between businesses, partnership between project implementers to learn from each other, partnerships with communities, and finding new ways to deliver value at the grassroots level. Partnership is the way we will get scale out of the African carbon market and ensure it is delivering for everybody.”
Future of sustainable events in Africa
“We’re thrilled to accompany VUKA on the start of their journey as they take meaningful steps to measure the emissions of their inaugural Carbon Markets Africa Summit,” states Andrew Bowen, One Carbon World CEO. He continues:
“With One Carbon World’s extensive experience in footprinting the emissions from large events around the world, we know how impactful this kind of leadership can be in shaping credible sustainability conversations and global climate action. We look forward to our partnership as we work together to advance the future of sustainable events in Africa and beyond.”
[Read and watch the full interview with Madeleine Garlick, One Carbon World Africa Director here.]
VUKA Group
Carbon Markets Africa Summit is organised by VUKA Group, and the United Nations Development Programme (UNDP) is the official host organisation.
The VUKA Group (formerly Clarion Events Africa) is a leading Cape Town-based and multi-award-winning organiser of exhibitions, conferences and digital events across the continent in the infrastructure, energy, mining, mobility, ecommerce and CX sectors. It has more than 20 years’ experience in serving the business community across Africa.
Other well-known events by The Vuka Group include Africa’s Green Economy Summit, Smarter Mobility Africa, Enlit Africa, DRC Mining Week, Nigeria Mining Week, DRC-Africa Battery Metals Forum, ECOM Africa and CEM Africa.
Event dates and location:
Dates:
21 October: Pre-summit day
22–23 October: Summit
Location: Johannesburg, South Africa
Contact details for Carbon Markets Africa Summit:
Project Lead: Emmanuelle Nicholls
Cell: +27 83 447 8410
Email: emmanuelle.nicholls@wearevuka.com
Event website: About — Carbon Markets Africa
One Carbon World website: https://www.onecarbonworld.com
The post One Carbon World joins Carbon Markets Africa Summit as Official Climate Impact Partner appeared first on Carbon Credits.
The United States and the United Kingdom have announced a landmark initiative called the Atlantic Partnership for Advanced Nuclear Energy. This partnership aims to speed up the development and deployment of next-generation nuclear technologies. These include small modular reactors (SMRs) and microreactors. They are smaller, more flexible, and often cheaper to build than traditional nuclear plants.
Both nations view this agreement as a way to secure their energy futures while also cutting carbon emissions. The partnership involves sharing research, aligning regulations, and boosting supply chains for nuclear parts and fuel.
By doing so, the US and UK hope to accelerate projects that can deliver reliable, clean power not only at home but also to global markets.
The announcement comes at a time when energy security and climate change are pressing issues. Recent global events, like rising fossil fuel prices and supply issues, highlight the need to diversify energy sources. And nuclear energy is gaining attention again. It can provide steady, low-carbon electricity. This makes it a key part of our energy mix.
Oklo’s Meteoric Rise
The news has sent ripples through the financial markets. Companies in advanced nuclear technology feel the impact the most. One of the biggest winners is Oklo Inc. (OKLO).
The company focuses on creating compact microreactors. These reactors provide clean, reliable power for various needs, including industrial operations, military bases, and remote communities.
Oklo’s stock has been on a dramatic upward path after the announcement:
- 1,460% increase in one year — rising from $6.20 on September 16, 2024, to $96.70 today.
- 30% gain in just five days, from September 11 to September 16, 2025.
This performance has positioned Oklo as one of the standout companies in the clean energy sector. Investors believe the company’s technology and solid policy support will make it key in the global nuclear revival.
Moreover, Oklo was chosen by the U.S. Air Force in June to build a microreactor at Eielson Air Force Base in Alaska. It has a capacity of up to 75 megawatts of combined electrical and thermal power. The project will be designed, built, owned, and operated by Oklo on-site, helping the base cut fuel deliveries and improve energy security.
- READ MORE: Oklo Stock Soars After U.S. Air Force Nuclear Energy Deal
- RELATED: The 3 “Tells” That Will Move Energy Stocks Before Any Handshake Does
Why Nuclear Energy is Back in Focus
The renewed focus on nuclear energy is not accidental. The world is experiencing rapid growth in electricity demand.
According to the International Energy Agency (IEA), global electricity use could rise by 30% between 2023 and 2030. A lot of this growth will come from electric vehicles, industrial electrification, and big data centers. These centers are needed to support artificial intelligence and cloud computing.
At the same time, governments around the world have pledged to reduce greenhouse gas emissions to net zero by the middle of the century. Nuclear energy already provides 10% of global electricity and about 25% of all low-carbon power. Without nuclear, meeting climate targets would be much more difficult.
The Intergovernmental Panel on Climate Change (IPCC) has also emphasized the role of nuclear in reducing emissions. Their reports show that doubling or tripling nuclear power by 2050 could cut billions of tons of CO₂ from the global energy system.
The chart below from Katusa Research shows how much nuclear power the world needs by 2050 in different scenarios.
Small Reactors, Big Promise
Traditional nuclear plants are large, costly, and can take more than a decade to complete. In contrast, advanced reactors are designed to be smaller, modular, and easier to construct. Oklo’s main project, the Aurora microreactor, provides about 1.5 megawatts of electricity. This is enough to power hundreds of homes or a small industrial site.
Aurora reactors are designed to run for up to 20 years without refueling. Oklo is also developing technologies to recycle used nuclear fuel. This process turns waste into a resource, enhancing the sustainability of nuclear energy.
The US-UK partnership is expected to speed up the demonstration and deployment of advanced reactors. Both countries aim to launch new nuclear designs in under a decade. They plan to do this by aligning regulations and funding demonstration projects.
Billions Flowing Into Atoms
The nuclear industry is experiencing a wave of new investment. The IEA says that yearly investment in nuclear energy should double to around $120 billion by 2030. This growth comes as governments and companies seek reliable, clean power.
Several countries are already moving forward with SMR projects. Canada has committed $970 million to develop SMRs in Ontario. Poland and Romania are working with US-based companies to deploy new reactor designs. Japan, South Korea, and France have also signaled stronger support for nuclear after years of slower growth.
Oklo stands out in this context because of its early-mover advantage in microreactors. Its reactors are smaller than most SMRs. This makes them ideal for specialized markets such as off-grid industries, island nations, and military uses. This flexibility gives the company a potential edge as countries and companies look for clean, scalable power solutions.
Investor Bet on Oklo
Oklo’s stock rally is part of a broader trend of growing investor enthusiasm for nuclear. Over the past year, companies tied to the nuclear sector have outperformed broader market indexes.
While the S&P 500 gained around 12% in the past 12 months, Oklo’s more than 1,400% increase stands out as extraordinary. By comparison, NuScale Power, another SMR developer, has seen more modest stock performance as it works to advance its projects.
The surge highlights both the opportunities and risks of investing in emerging nuclear technologies. Oklo still has big challenges ahead. They need regulatory approvals and must scale up manufacturing. However, the market is signaling confidence that Oklo’s approach aligns with the global push for clean, dependable power.
What This Means Going Forward
The Atlantic Partnership for Advanced Nuclear Energy marks a turning point in transatlantic cooperation. The US and UK are joining forces. By sharing their expertise, resources, and political will, they send a strong message: Nuclear energy will be key to their strategies.
For Oklo, the timing could not be better. Investor enthusiasm is high, government policies are supportive, and demand for clean energy is rising. And so, the company can take advantage of the nuclear boom.
If Oklo can deliver on its promises, it could help reshape the way the world thinks about nuclear power. Microreactors could become common in places where traditional reactors were never an option, from rural communities to industrial hubs.
The company’s story also reflects a larger shift. Nuclear power, once seen as a legacy technology, is now being recast as a driver of innovation and climate action. The mix of private-sector energy and government support could finally unleash its full potential.
- READ MORE: IAEA Predicts Doubling Nuclear Capacity by 2050—SMRs and Reactor Life Extensions Lead the Way
The post US-UK Nuclear Pact Sends Oklo Stock (OKLO) to Record Highs in Clean Energy Boom appeared first on Carbon Credits.
Disseminated on behalf of ARMR Sciences Inc.
Fentanyl is no longer just another opioid – it has become the single most lethal synthetic drug in the United States. Since 2000, it is estimated that more than 20 million nonfatal overdoses have occurred in the U.S.- surpassing deaths from COVID-19, HIV/AIDS, and even major wars.
Today, fentanyl is the leading cause of death for adults aged 18–45, claiming an estimated 220 lives every single day.
A Silent, Rapid Killer
A minuscule amount – equivalent in size to just a few grains of salt – can be fatal. Fentanyl is fast-acting and often hidden in counterfeit pills or laced into drugs without the user’s knowledge.
Fentanyl is cheap to manufacture and covertly laced with counterfeit pills and recreational drugs. This stealth factor explains why the vast majority of overdose victims never intended to take fentanyl.
The financial toll is also staggering: the opioid epidemic costs the U.S. economy an estimated $2.7 trillion in 2023 alone, with cumulative losses exceeding $10 trillion over the past two decades.
Why Current Defenses Fall Short
Tools like naloxone (Narcan) have saved lives but remain purely reactive. They only work after an overdose begins and often fail against emerging analogs such as xylazine, nitazenes, or medetomidine, which Narcan cannot reverse. First responders, military personnel, and even families are left without effective long-term defenses.
ARMR’s Preventive Approach
ARMR Sciences is advancing its novel immunotherapy, ARMR-100, designed to train the immune system to block fentanyl before it reaches the brain. In animal studies, ARMR-100 blocked 92% of fentanyl’s entry into the brain and eliminated its addictive behavioral effects.
Unlike reactive antidotes, this would provide months of protection – functioning like a biochemical shield.
The program is building on seven years of U.S. Department of Defense–funded research and is working to leverage proven vaccine components, such as carrier proteins already approved in licensed products and adjuvants tested in hundreds of clinical trials.
The Market and ARMR’s Mission
The potential reach is vast: 2.7 million Americans with opioid use disorder, over 2 million first responders and law enforcement officers, more than 18 million military personnel and veterans who experience higher rates of opioid use, chronic pain, and post-traumatic stress disorder, and more than 30 million high-risk young people.
A once or twice annual preventive shot could help transform national defense against fentanyl, making protection scalable across households, schools, hospitals, and security agencies.
The fentanyl crisis is no longer just a health issue – it’s a national security emergency. And we believe prevention, not rescue, may be the only path to saving a generation.
Why Investors Should Pay Attention
ARMR is more than a biotech startup – it is working to tackle America’s most urgent social and health crisis. This is a mission-driven company focused on building a preventive defense platform that could save thousands of lives each year:
- $30M private raise launched
- Seven years of DoD-backed research form the foundation
- Lead candidate ARMR-100 blocked 92% of fentanyl from entering the brain in preclinical studies
- A targeted exchange listing in the future
By investing in this round, investors have a chance to back a company whose mission is as much about impact as it is about growth potential.
This is a paid advertisement for ARMR’s private offering. Please read the offering circular at InvestARMR.com for additional information on the company and the risk factors related to the offering.
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The post Fentanyl – A National Security Crisis Demanding Prevention appeared first on Carbon Credits.
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