Munich Re plants effort to capture carbon
As part of its transition towards climate sustainable operations, Munich Re has announced the launch of a new afforestation entity, TreeTrust.
The German-based reinsurer and the Valliant Group are TreeTrust’s first partners with an investment in creating forests to capture carbon emissions.
TreeTrust’s first project will plant trees across more than 10 million square metres of former grassland in Costa Rica, expected to capture more than 600,000 metric tons of CO2 over the next 40 years.
Munich Re says the initiative will provide the company with a dependable way to capture carbon as it looks to offset carbon emissions in line with meeting net zero targets.
“Our project with TreeTrust is an innovative, high-quality solution that will help us achieve our net zero targets between now and 2030, but also thereafter,” Munich Re Head of Economics, Sustainability and Public Affairs and Chief Economist Michael Menhart said.
TreeTrust says it will provide companies with a solution to ensure they can achieve global climate targets agreed upon in the Paris Climate Accord.
“Our goal is to create a new, premium range of solutions in the market for voluntary carbon credits. Companies are willing to invest in offsetting their emissions. We help them select just the right long-term projects, while saving them time,” TreeTrust Founder Andreas Heger said.
Project developer BaumInvest will supervise the project in Costa Rica, aiming to regenerate a rainforest in the area, providing biodiversity and water to the region.
Management Board Member at Munich Re Torsten Jeworrek says Munich Re’s long history of assessing climate risks assures that TreeTrust will provide effective results.
“Our innovative approaches here emphasise prevention, risk transfer and resillience,” he said. “In a carbon offset market where supply is scarce, TreeTrust organises suitable afforestation projects for discerning companies.”
Director of Sustainability Management at the Valiant Group Jens Wichtermann describes the project as a “key cornerstone” for the company’s climate strategy.
