News provided by Chestnut Carbon
Feb 13, 2025, 09:34 ET
NEW YORK, Feb. 13, 2025 /PRNewswire/ — The Mercedes-AMG PETRONAS F1 Team (“the team”) has joined forces with nature-based carbon developer Chestnut Carbon to support high-quality carbon removal projects across the Southeastern United States.
Mercedes-AMG PETRONAS F1 Team’s work with Chestnut Carbon will help to deliver impactful climate projects that scale the rejuvenation of marginal land. The first project, part of Chestnut’s larger Sustainable Restoration Project, equates to the restoration of approximately 200 hectares (~500 acres) of degraded agricultural acreage into vibrant biodiverse forests through the planting of over 260,000 native trees.
Although emissions reduction remains the team’s primary focus, they recognise that some areas within their carbon footprint may have residual emissions which will require removals of the highest quality, in line with the Oxford Offsetting Principles.
By investing in Chestnut Carbon now, Mercedes-AMG PETRONAS F1 Team is securing nature-based carbon removal credits to compensate for future residual emissions and encouraging the growth of this key sector.
This forward purchase of credits, set to be delivered between 2027 and 2030, equates to 5,500 tons of CO2. Although this is a small part of the team’s total footprint, it is an important step in its overall emissions reduction with a target of Race Team Control Net Zero by 2030.
Chestnut Carbon’s projects focus on land previously used for monocrops and methane-heavy cattle production. To date, Chestnut Carbon has planted over 10 million trees, with a diverse mix of native pine and over 18 different hardwood species that will capture and remove over one million tonnes of carbon by 2040.
In addition to restoring degraded crop and pasture lands to healthy forests, the projects will also improve the air, water and biodiversity of the region and will bring economic benefits to rural communities by sourcing seedlings locally, hiring resident experts, and employing local people for planting activities.
This initiative is the latest addition to Mercedes-AMG PETRONAS F1 Team’s portfolio of nature and tech-based carbon removal projects. By collaborating with Chestnut Carbon, the team has chosen to invest in a project that is registered with the Gold Standard for Global Goals. This standard sits under one of the most rigorous forest carbon methodologies, with highly conservative carbon accounting, third-party auditing, and unassailable additionality.
Toto Wolff, Team Principal and CEO, Mercedes-AMG PETRONAS F1 Team
“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. This collaboration is an important step in our strategy to address residual emissions in our carbon footprint. It underscores our commitment to become one of the most sustainable global sports teams.”
Alice Ashpitel, Head of Sustainability, Mercedes-AMG PETRONAS F1 Team
“Working with Chestnut Carbon is another step in our mission to drive sustainability and environmental responsibility within the motorsport industry. Our collaboration allows us to support projects that not only sequester carbon but also enhance biodiversity, improve air and water quality, and provide economic benefits to local communities. These efforts are integral to our goal of fostering ecological protection and our commitment to protect and enhance local habitats. This latest investment forms a key part of our broader portfolio of nature and tech-based carbon removal initiatives.”
Ben Dell, CEO, Chestnut Carbon and Managing Partner, Kimmeridge
“We are excited to be working with the Mercedes-AMG PETRONAS F1 Team to advance their carbon removal efforts using high-quality nature-based solutions. Our commitment to the long-term success and sustainability of these projects is unwavering, which is why we prioritise the permanence of our initiatives. This commitment is reflected in our ownership of the land and our 100-year project design. Additionally, we have developed a comprehensive Community Engagement plan to ensure transparent communication and positive relationships with local stakeholders, reinforcing our dedication to both environmental stewardship and community support.”
Mercedes-AMG PETRONAS F1 Team’s latest Sustainability Report was published in July 2024. To view and for further information on the team’s ambitions, please visit the Sustainability section of their website.
About Chestnut Carbon
Chestnut Carbon (“Chestnut”) is a leading developer of nature-based carbon removal credits. Founded in 2022 with the support of energy-focused alternative asset manager Kimmeridge, Chestnut generates high-quality, U.S.-based forest carbon offsets that are additional and verifiable to accelerate the path to net zero across a range of industries. Chestnut uses a proprietary approach to developing forest carbon offset projects on family-owned forestland and marginal crop and pastureland. Chestnut’s expertise is driven by an experienced team, whose diverse backgrounds include forestry, carbon regulation, environment, finance and land management. For additional information on Chestnut, its strategies and environmental stewardship, please visit https://chestnutcarbon.com/.
Mercedes-AMG Petronas F1 Team Contacts:
Bradley Lord
Team Representative & Chief Communications Officer
blord@mercedesamgf1.com
+44 (0) 7785 682 893
Nicola Armstrong
Head of Corporate Communications
narmstrong@mercedesamgf1.com
+44 (0) 7793 844549
Chestnut Carbon Media Contact:
Chris Allieri
Mulberry & Astor
[email protected]
646-245-8937
SOURCE Chestnut Carbon