Who said you can’t teach an old bank new tricks?
This summer, an institutional bank signed a new type of deal for a new asset class. Chestnut Carbon, a carbon market project developer that plants forests and sells the credits to corporations, collaborated with Microsoft and JPMorgan Chase to create one of the largest carbon removal offtake agreements in the United States.
Gregory Adams, Chestnut Carbon’s CFO, took CFO Brew behind the scenes of this first-of-its-kind non-recourse project financing for carbon afforestation. The company currently operates in eight states: Oklahoma, Texas, Arkansas, Alabama, Mississippi, Louisiana, Georgia, and South Carolina, where it buys land to plant native, diverse, and conservation-grade forests to generate carbon credits.
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