The Mercedes-AMG Petronas Formula One Team have announced a partnership with Chestnut Carbon, a developer of nature-based carbon removal credits, which will see the two work together to support “high-quality carbon removal projects across the Southeastern United States”.
Mercedes and Chestnut Carbon will work on climate projects that will be scaling the rejuvenation of marginal land, with emissions reduction as one of the main focuses of the deal.
The project will see the restoration of degraded crops and pasture lands to healthy forests, improvement of the air, water, and biodiversity of the region, while also bringing about economic benefits to the rural communities through sourcing of seedlings locally, hiring resident experts, and employing local people for planting activities.
Toto Wolff, Team Principal and CEO, Mercedes-AMG Petronas Formula One Team, commented:
“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 Formula One Team, said:
“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 of Chestnut Carbon, also Managing Partner at Kimmeridge, added:
“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.“
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