Consolidation begins to hit the carbon credit market
Carbon management startup Carbon Direct is buying another carbon credit startup, Pachama, the companies announced today. Pachama laid off around 20 employees this summer as voluntary carbon markets softened. The company had attracted investments from a range of prominent names, including Amazon’s Climate Pledge, Breakthrough Energy Ventures, Lowercarbon Capital, and several celebrity angel investors, including Ellen DeGeneres, Laura Dern, and Serena Williams. “The current uncertain and volatile financial, economic, and geopolitical climate, added to the anti-ESG agenda in the U.S., is indeed having an effect on corporate sustainability budgets,” Diego Saez Gil, CEO of Pachama, told Trellis when the layoffs happened. “The impact is especially acute in the voluntary…
