In early 2024, Workday signed three multi-year carbon-credit offtake agreements, committing to buy over 300,000 credits from three different project developers over a 6 year period.
The offtakes were with three distinct carbon project types: forest protection, biochar removal, and methane mitigation from orphaned oil wells.
The offtakes were facilitated by Patch.
These offtakes were in addition to Workday’s participation with the Frontier advance market commitment for novel carbon removal.
Workday has pursued carbon offtake agreements for three core reasons.
- Access to world-class climate expertise: By pooling resources with other carbon buyers to execute long-term offtake agreements, Workday is able to work with world-class project due diligence teams. That’s been the case with membership in Frontier.
- Catalytic climate impact: By facilitating early-stage project finance, offtakes can help launch carbon projects that may not otherwise have gotten off the ground.
- Greater project transparency: Multi-year offtake agreements allow carbon credit buyers and project developers to build long-term relationships that facilitate deeper insight into project development and progress.
By guaranteeing demand, Workday helped fund early-stage climate projects that otherwise struggle to attract capital, while supporting high-integrity carbon removals and scaling the market.
Read my full article on Trellis.net, here:
https://trellis.net/article/how-workday-uses-carbon-offtake-agreements-scale-climate-impact/