SAO PAULO: Private equity-backed reforestation startup re.green has signed a partnership with Agro Penido to restore 600 hectares (1,482 acres) of land owned by the Brazilian agribusiness firm with native species from the Amazon rainforest, it said on Monday.
Their partnership is the latest deal for the nascent reforestation business in Brazil, home to most of the world’s largest rainforest and host of the COP30 UN climate summit this year in the Amazonian city of Belem.
Local startups including re.green, AXA-backed Mombak and Biomas — a firm established by Suzano, Santander, Vale, Marfrig, Rabobank and Itau — have been working to buy land or partner with local farmers to restore areas of the Amazon.
Turning degraded land into forests can generate carbon credits, which companies buy to offset their greenhouse gas emissions voluntarily or through regulated markets like the one Brazil has recently written into law.
Firms such as Alphabet’s unit Google, Microsoft , Facebook owner Meta and McLaren Racing have recently purchased carbon credits from Brazilian projects.
The new re.green deal represents the first time it is partnering to restore farmer-owned land, Chief Executive Thiago Picolo told Reuters, noting the firm has already bought 13,000 hectares from ranchers.
“Buying land is an important model, but we always knew that for re.green to reach the size it wants we would have to partner with landowners and involve them in this business,” Picolo said.
Re.green is backed by Brazilian billionaire Joao Moreira Salles and asset managers including Lanx Capital, Principia, Dynamo and Gavea Investimentos, which was founded by former Brazilian central bank governor Arminio Fraga.
Salles and Fraga are both on the board of re.green, whose goal is to restore 1 million hectares of land in Brazil, an area twice the size of Delaware. It announced a deal with Microsoft in May to restore 15,000 hectares in the Amazon.
The deal with Agro Penido covers areas near the Xingu Indigenous Park in Mato Grosso, Brazil’s largest grain-producing state. Picolo said re.green plans to restore forests in less productive parts of Agro Penido’s farms, some of which may yield lumber in addition to carbon credits.
Picolo said the first phase of their partnership has the potential to produce some 300,000 carbon credits over the next few decades, each representing the removal of a metric ton of carbon dioxide equivalent from the atmosphere.
He said re.green can sell its reforestation-based credits at a premium, fetching some $50 to $100 in private deals.
Scientists consider the Amazon’s protection vital to curbing climate change because of the vast amount of climate-warming carbon dioxide its trees absorb. Some critics complain the offsets allow polluters to avoid reducing their emissions.
Agro Penido, which has a separate joint venture with grains powerhouse SLC Agricola, currently has nearly 40,000 hectares producing soybeans, corn and cotton, which it aims to expand to 65,000 hectares by 2027/28.
“This is a start,” said Caio Penido, one of the owners, about the re.green deal. He added they would now evaluate other areas owned by the firm, noting it was possible for the project to double its scope to 1,200 hectares. (Reporting by Gabriel Araujo Editing by Brad Haynes and Diane Craft)
![]()
Brazil startup partners with agro firm to reforest degraded Amazon land
Short Url
https://arab.news/m6rfv
Brazil startup partners with agro firm to reforest degraded Amazon land
- Deal marks first time re.green restores farmer-owned land
- Reforestation business booming in Brazil ahead of COP30
Where’s my bag? India’s IndiGo battles passenger fury over luggage lost in chaos
- Customers complain they are not able to find their luggage
- Government orders IndiGo to deliver luggage promptly
NEW DELHI/BENGALURU: India’s IndiGo is battling growing passenger fury over delays in finding and delivering thousands of stranded bags, with social media flooded with photos of luggage piling up at airports after last week’s large-scale flight disruptions. IndiGo, which has 65 percent of the domestic market, has apologized after canceling more than 2,000 flights as it failed to plan in time for stricter rules governing pilot rest, leading to crew shortages. The delays jolted tens of thousands of people, hitting travel, holiday and wedding plans in one of the worst disruptions in Indian aviation history. But last-minute cancelations and the multiple connecting flights used to reroute passengers, has also left thousands of suitcases and bags misplaced, some containing valuable items such as passports, house keys and medicines.
Passengers furious as bags lost, wedding clothes missing
Social media posts showed security-tagged bags piled up in terminal areas in New Delhi, Mumbai and Bengaluru airports with many furious passengers seeking help from IndiGo’s social media team on X. “Delhi Left Holding The Bag,” read the headline of a Times of India newspaper photo that went viral showing hundreds of bags in an area typically meant for passengers to sit.
The Indian government in a statement late on Sunday said it had ordered IndiGo to “trace and deliver all baggage separated from passengers due to disruptions within 48 hours.” By Saturday, the airline had delivered 3,000 pieces of baggage to passengers across India, the government said.
No response on help lines, passenger says
Vikash Bajpai, 47, said he had been waiting for four days for the luggage he and his 72-year-old mother checked in for their flight home to Pune from Kanpur city where they had attended a wedding.
They only reached home after spending a night in a New Delhi hotel, taking a series of connections to Mumbai, and then a taxi to Pune.
There was no sign of their bags when they landed in Mumbai. “I was given a number to call, but nobody answers the phone. The luggage has expensive wedding clothes and shoes, and my mother’s medication,” Bajpai said, estimating the contents were worth 90,000 rupees ($1,000).
“I am extremely upset.”
A senior IndiGo executive said on condition of anonymity the airline was working “round the clock” to clear the bags and ensure they reached their customers.
Deepak Chetry said he finally got his bags from IndiGo on Saturday, but only after waiting an entire night outside the Bengaluru airport. “All we got was a bottle of water and juice,” Chetry said.
Passengers furious as bags lost, wedding clothes missing
Social media posts showed security-tagged bags piled up in terminal areas in New Delhi, Mumbai and Bengaluru airports with many furious passengers seeking help from IndiGo’s social media team on X. “Delhi Left Holding The Bag,” read the headline of a Times of India newspaper photo that went viral showing hundreds of bags in an area typically meant for passengers to sit.
The Indian government in a statement late on Sunday said it had ordered IndiGo to “trace and deliver all baggage separated from passengers due to disruptions within 48 hours.” By Saturday, the airline had delivered 3,000 pieces of baggage to passengers across India, the government said.
No response on help lines, passenger says
Vikash Bajpai, 47, said he had been waiting for four days for the luggage he and his 72-year-old mother checked in for their flight home to Pune from Kanpur city where they had attended a wedding.
They only reached home after spending a night in a New Delhi hotel, taking a series of connections to Mumbai, and then a taxi to Pune.
There was no sign of their bags when they landed in Mumbai. “I was given a number to call, but nobody answers the phone. The luggage has expensive wedding clothes and shoes, and my mother’s medication,” Bajpai said, estimating the contents were worth 90,000 rupees ($1,000).
“I am extremely upset.”
A senior IndiGo executive said on condition of anonymity the airline was working “round the clock” to clear the bags and ensure they reached their customers.
Deepak Chetry said he finally got his bags from IndiGo on Saturday, but only after waiting an entire night outside the Bengaluru airport. “All we got was a bottle of water and juice,” Chetry said.
Latest updates
Recommended
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.