Symrise AG will work together with the Latin American countries Honduras and Suriname, the Coalition for Rainforest Nations (CfRN) and Deutsche Bank to issue new, high-integrity Rainforest Carbon Credits.
The strategic goal of all parties is to develop rainforest-based Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement, supervised by the United Nations Framework Convention on Climate Change (UNFCCC).
A Letter of Intent at the start of the global climate summit COP30 was signed by the President of Honduras, several federal ministers of both countries, the COP President as well as the representatives of Deutsche Bank, the three German companies and CfRN.
Honduras and Suriname have mandated Deutsche Bank and CfRN to exclusively arrange a potential sale.
Both countries have already made substantial investments to meet the relevant UNFCCC performance criteria.
As one of the first companies to join this initiative, Symrise brings its expertise in sustainable sourcing and supply chain management to the partnership.
Symrise’s commitment supports the development of innovative approaches that reward the preservation of standing rainforests and create clear value for climate, biodiversity and society.
The company will contribute its market perspective and help shape the commercialisation of these new sovereign rainforest carbon credits.
Symrise’s involvement reflects its ambition to drive sustainability beyond compliance and deliver positive impact for customers, investors and communities.
Potential for a new asset class to remunerate rainforest protection
The Letter of Intent paves the way for a new category of carbon credits and could mark the start of sovereign Rainforest Carbon Credits sold at scale directly to private sector corporates under Article 6.2 of the Paris Agreement.
The signatories emphasise in the Letter of Intent the importance of preserving rainforests to meet global climate and biodiversity goals.
While many nature-based carbon credits focus on reforestation or afforestation, the novelty of this product is the remuneration for the protection of standing rainforests at a national level, to preserve these unique ecosystems.
The parties share a common understanding that the required safeguards must be properly implemented, including social safeguards that respect the role of indigenous, tribal and forest-dependent peoples.
Additional elements that could help ensure the high integrity of carbon credits may address, among others, the permanence of carbon removals as well as transparent tracking and auditing of how proceeds are used.
This work will continue to be informed by existing market standards and best practices.
Symrise and further industry partners bring in the buyer’s perspective
These sovereign carbon credits could be utilised by countries, companies and investors to meet their individual climate ambitions.
The buyers interested in acquiring these credits would be expected to satisfy certain criteria, including the continued decarbonisation of their operations and value chains.
The ultimate goal is to create a new asset class and to make it eligible for national emissions trading systems.
Symrise, with other industry partners as well as other interested corporates, is also contributing to the partnership by providing feedback on safeguards and the design of the product.
Further details, including governance and buyer eligibility criteria, will be defined in collaboration with international and local experts.
The signatories of the Letter of Intent extend an open invitation in Belém to other governments and businesses to join efforts to further strengthen the UNFCCC mechanisms and to support the establishment of this new asset class.
Melvin Bouva, Minister of Foreign Affairs, International Trade and Cooperation of Suriname, said: “The Republic of Suriname is the most forested country in the world with at least 90 per cent of its territory covered and protected."
"This partnership is a tremendous financing opportunity to maintain and support the protection and sustainable management of our rainforest."
"The sole objective for being here is a shared commitment to safeguard our planet’s natural environment while simultaneously advancing our national development goals.”
D. Stephanie Cossmann, Member of the Board HR, Legal, Sustainability and Labor Director of Symrise AG, added: "This collaboration underscores our commitment to advancing climate action and managing CO₂ emissions, while aligning these efforts with a sound commercial rationale."
"It reflects our purpose — integrating environmental responsibility with business performance."
"As a pioneer in ecosystem thinking, we contribute to resilient regeneration and demonstrate that sustainability and commercial value can and must, go hand in hand to deliver real impact.”
“We see this as an important complementary addition to the current architecture of sovereign emissions trading systems and voluntary carbon markets,” said Jörg Eigendorf, Chief Sustainability Officer of Deutsche Bank AG.
“Our focus is on rainforest conservation at a national scale and that needs decisive private sector support for the nations that host this invaluable ecosystem for humanity.”
“This partnership shows how global finance can align with national efforts to protect forests,” said Kevin Conrad, Executive Director of the Coalition for Rainforest Nations.
“By enabling countries such as Honduras and Suriname to monetise verified climate results, we’re helping turn rainforest conservation into a viable economic opportunity and empowering our goals to reverse global deforestation by 2030."