微软(MSFT.US)已与Indigo Carbon达成协议，将采购创纪录的285万份与美国再生农业相关的土地碳信 用额度。尽管与人工智能(AI)相关的碳排放激增，但这家科技巨头仍决心在2030年前实现"负碳排放"。 微软是全球最大的碳清除信用额度买家。该公司并未透露这项为期12年的协议的具体金额。但根据一位 了解交易的人士透露，Indigo Carbon的碳信用额度处于每吨60美元至80美元的历史区间，这意味着这笔 交易的价值将在1.71亿至2.28亿美元之间。 Indigo Carbon政策、合作与影响事务高级总监梅雷迪思赖斯菲尔德(Meredith Reisfield)在接受采访时表 示："这使土壤碳移除的重要性进入企业气候行动视野，对Indigo Carbon而言，这确实巩固了我们在高 诚信度碳信用领域的声誉和领导地位。"她补充道，农民也能获得经济收益，可从任何给定发行期或作 物年度的碳信用加权平均成本中获得75%的收益。 微软碳移除总监菲利普古德曼(Phillip Goodman)表示："微软对Indigo Carbon的再生农业方法感到振奋， 该方法通过经核验的碳信用和向种植者支付款项来提供可衡量 ...

Core Viewpoint - The effectiveness of REDD+ projects, aimed at reducing emissions from deforestation and degradation, has been questioned recently, leading to a decline in the value of carbon offsets [2][6]. Group 1: REDD+ Project Analysis - A study published in the journal Science analyzed 52 REDD+ projects across 12 countries in South America, Africa, and Southeast Asia, finding that only 19% of these projects met their self-reported emission reduction targets [3][6]. - The study indicates that while the climate benefits of REDD+ projects are higher than previous assessments, the overall effectiveness remains low, with significant regional variations in project success [6][7]. - The research highlights a concerning issue of "over-crediting," where the number of carbon credits issued exceeds the actual emissions reductions achieved [6][7]. Group 2: Recommendations for Improvement - To enhance the credibility and impact of forest carbon offsets, the study suggests improving baseline setting methods and strengthening verification frameworks [7]. - The findings emphasize that while many REDD+ projects are not as effective as claimed, some have achieved tangible results, particularly in Brazil and Africa [7].

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 reached $103 million, with a total of $444 million for 2024, marking an 8% year-over-year increase [4][9] - Gross sales totaled $368 million in Q4, with annual revenues reaching almost $1.5 billion, a 2% increase year-over-year [9] - Net cash from operations for 2024 was $161 million, allowing for a minimum distribution of $64 million in 2025 [7][25] Business Line Data and Key Metrics Changes - Record results were achieved in the Rice and Dairy segments, while the Sugar, Ethanol, and Energy business saw operational records despite challenges [4][10] - Total crushing volume in the Sugar, Ethanol, and Energy business reached 12.8 million tonnes in 2024, a new record, although down 12% year-over-year for the quarter [11][12] - Adjusted EBITDA for the Farming business totaled $4 million in Q4 and $103 million for the year, consistent with the previous year [21][24] Market Data and Key Metrics Changes - The average selling price for sugar was $0.226 per pound, down from $0.232 per pound in 2023, reflecting lower global sugar prices [13] - Ethanol prices have been recovering due to strong domestic consumption, although still below the previous year due to the depreciation of the Brazilian Real [14][56] - Carbon credits generated over 600,000 SEVAILOS at an average price of $14 per SEVAILO, totaling $9 million in net sales [15] Company Strategy and Development Direction - The company is focusing on maximizing sugar production due to its attractive premium over ethanol, with a strategy to gradually increase hedges if prices rise above $0.19 per pound [33] - Investments are being made in expanding sugarcane plantations and developing biomethane production in Brazil, alongside enhancing rice and dairy operations in Argentina and Uruguay [7][26] - The company is also committed to ESG initiatives, including training programs for women in agribusiness and leadership development for employees [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the sugar market is expected to see price increases due to disappointing crops in the Northern Hemisphere and a smaller Brazilian crop anticipated for the upcoming season [32][33] - The company expects a slight increase in annual crushing figures for 2025, assuming normal weather conditions, while acknowledging the challenges posed by dry weather in 2024 [18][19] - Management emphasized the importance of weather conditions for crop yields and the potential benefits from ongoing trade dynamics affecting South American agriculture [35] Other Important Information - The company distributed $102 million in 2024, exceeding its distribution policy by $32 million, with a 9.4% distribution yield [24] - The unsolicited proposal from TETA Investments to acquire a majority stake in the company is under evaluation, with discussions ongoing but no assurance of a definitive agreement [27][28] Q&A Session Summary Question: What are the main triggers for positive price action on sugar? - Management highlighted disappointing crops in the Northern Hemisphere and a smaller Brazilian crop as key factors influencing sugar prices [32][33] Question: How will import tariffs affect the company's operations? - Management noted potential benefits for South American soy and corn production due to tariffs, while also seeing opportunities in rice and dairy markets [35] Question: What is the outlook for sugarcane crushing and potential constraints? - Management indicated that weather conditions are a significant factor, with expectations for improved crushing in the second half of the year [45][46] Question: Can you elaborate on the dynamics of ethanol prices and expected parity? - Management expects ethanol prices to recover due to high demand and limited supply, with a potential increase in the blend ratio soon [56][60] Question: What are the expectations for production costs in 2025? - Management anticipates production costs to remain similar in real terms, with a slight decrease in dollar terms due to various cost components [64][66] Question: How are expansion costs impacting the company's outlook? - Management noted that strategic leasing of high-quality farms is expected to lower planting costs in the future [78]