Uganda's Stack Carbon signs major carbon credits deal

Uganda-based climate technology firm Stack Carbon has signed a multi-year offtake agreement with US-based CO2 removal (CDR) asset manager Wild Assets for the future delivery of tens of thousands of tonnes of durable carbon removal credits from its enhanced rock weathering (ERW) project in Uganda, the firm said on 3 August. The companies described the agreement as the largest ERW offtake from Africa to date, highlighting growing demand for high-integrity carbon removal credits from the continent and rising buyer confidence in African-developed CDR projects. Under the project, finely crushed basalt is applied to farmland to accelerate the natural weathering of silicate rock, permanently removing atmospheric CO2. The approach is also expected to improve soil health, boost crop yields and strengthen climate resilience for thousands of smallholder farmers, Stack Carbon said. The project is registered under carbon registry Rainbow's ERW standard, which provides a framework for monitoring, reporting and verification of durable carbon removals. "This agreement is a defining milestone for Stack Carbon and for the future of durable carbon removal in Africa," Stack Carbon founder and chief executive Bashir Dan said. "As the largest ERW offtake agreement from the continent to date, it demonstrates growing confidence in African innovation and in the ability of locally led climate technology companies to deliver high-integrity carbon removal at scale." By 2035, Stack Carbon aims to deliver more than 1mn durable CDR credits through ERW while regenerating around 250,000 hectares of farmland across Uganda and Madagascar, creating long-term environmental and economic benefits for an estimated 500,000 people in farming communities, Dan told Argus. The transaction is Wild Assets' largest ERW offtake to date and its first investment in Africa, it said.