Google Partners with Indian Initiative to Purchase Carbon Removal Credits

/in /tarafından

Google has signed a major deal with Indian supplier Varaha to purchase carbon credits derived from an initiative that turns agricultural waste into biochar, a form of charcoal that removes carbon dioxide (CO2) from the atmosphere and returns it to the soil. This deal, one of the largest of its kind involving biochar, marks Google’s first involvement in India’s carbon dioxide removal (CDR) sector.

CDR initiatives are becoming an increasingly important method for tech companies to offset their emissions. While direct CO2 capture technologies are often expensive, biochar offers a more cost-effective and scalable alternative. Biochar has the added benefit of improving soil health, making it a promising solution for global carbon removal, according to Randy Spock, Google’s carbon removal lead.

Under the agreement, Varaha will convert waste from smallholder farms in India into biochar, which can store CO2 for centuries. The biochar will also be used as a fertilizer alternative. Google plans to buy 100,000 tons of carbon credits through this partnership by 2030. Varaha estimates that India’s agricultural waste could generate enough biochar to store over 100 million tons of CO2 annually.

While CDR solutions like biochar have garnered interest in the global carbon market, some critics argue they cannot replace the need for direct emission reductions. Despite these concerns, Varaha’s CEO, Madhur Jain, believes that even temporary solutions are crucial in combating climate change.

 

Xiaohongshu Stake Sale Talks Value Company at $20 Billion

/in /tarafından

Backers of China’s social media platform Xiaohongshu, a TikTok competitor, are reportedly looking to sell part of their stake in the company, with potential deals valuing it at $20 billion or more, according to Bloomberg News. Key shareholders, including GGV Capital, GSR Ventures, and Tiantu Capital, are in talks with existing investors like HongShan Capital Group and Hillhouse Investment, as well as Tencent, which is considering increasing its stake in the company.

Xiaohongshu, which translates to “little red book,” is similar to Meta’s Instagram in that it allows users to share curated content through photos, videos, and text. The platform has over 300 million users and was valued at $17 billion following its latest funding round in July 2024.

This development comes amid TikTok’s planned shutdown of its U.S. operations, as a federal ban is set to take effect soon. The situation highlights the growing competition between social media platforms in China and internationally.

 

Apple Negotiates with Barclays and Synchrony to Replace Goldman Sachs in Credit Card Partnership

/in /tarafından

Apple is currently in talks with Barclays and Synchrony Financial to replace Goldman Sachs as its credit card partner, according to sources familiar with the matter. This move comes as Goldman Sachs steps back from its consumer finance ambitions, following the launch of the Apple Card in 2019. Barclays and Synchrony are now vying for the opportunity to partner with one of the world’s most recognizable brands, although the original terms of the deal were viewed as risky and unprofitable by several financial firms.

Negotiations between Apple and Barclays have been ongoing for several months, but sources suggest that it could take some time to finalize a deal. JPMorgan Chase has also been in talks with Apple regarding the partnership. Despite the credit card agreement between Apple and Goldman Sachs lasting until 2030, Goldman’s CEO David Solomon mentioned during an earnings call that the partnership may end sooner than expected.

Goldman Sachs has been scaling back its consumer business after spending billions to cover potential losses. In 2024, the company transferred its General Motors credit card business to Barclays, allowing the latter to expand its card offerings in the U.S. This shift aligns with Goldman’s decision to reduce its retail ambitions, focusing instead on its traditional investment banking and trading operations.