The Formula 1 team of automotive giant Mercedes has signed a carbon credit prepurchase agreement with US afforestation company Chestnut Carbon.
Under the agreement, Chestnut will remove 5,500 tonnes of CO2, delivering carbon dioxide removal (CDR) credits to the Mercedes-AMG PETRONAS F1 Team in the period between 2027 and 2030.
This partnership falls in line with the sustainability ambitions of the Mercedes F1 team, as they work towards the goal of ‘Race Team Control Net Zero by 2030.’
On their climate-forward journey, the team’s primary focus will be to reduce CO2 emissions, relying on CDR initiatives for addressing the residual, hard-to-abate emissions.
Alice Ashpitel, Head of Sustainability at Mercedes F1, explained that this investment is a vital part of their broader portfolio of nature- and tech-based carbon removal initiatives.
Focused on developing new forests and thriving ecosystems on marginal crop and pasture lands, Chestnut Carbon has established operations across Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas.
Through its Sustainable Restoration Project, the company generates high-quality carbon removal credits, which are verified against the Gold Standard®.
As part of its operations, Chestnut Carbon has also introduced a detailed Community Engagement plan, aiming to facilitate transparent communication and build positive relationships with local stakeholders.
Relevant: Chestnut Carbon Secures $160M To Expand Its Afforestation Projects
Commenting on the new partnership, Chestnut Carbon CEO Ben Dell shared excitement over the collaboration, stating, “Our commitment to the long-term success and sustainability of these projects is unwavering, which is why we prioritize the permanence of our initiatives. This commitment is reflected in our ownership of the land and our 100-year project design.”
Mercedes F1 Team Principal and CEO Toto Wolff said, “We are determined to lead by example in the pursuit of sustainability. We’re excited about the growth of our sport in the United States and committed to supporting projects there as we work towards our goals.”
For Chestnut Carbon, this partnership follows the company’s recent momentum of successfully securing $160 million in Series B funding and signing an extension to its afforestation, reforestation, and revegetation (ARR) cooperation with tech titan Microsoft.
