According to Automotive News, FCA spent about $2.4 billion to buy Tesla’s environmental credits from 2019 up to 2021,
FCA merged with PSA to form Stellantis
Anyone looking at OWP should already know that Stellantis has chosen OWP to develop and supply hemp-based bioplastic solutions for their interior and exterior parts but a breakdown of one of Isiah's latest statements gives a hint as to how this is going to develop.
This is from the latest PR which was primarily dealing with OWP's carbon credit potential.
“Moreover, we continue to gain traction on our journey to expand our footprint in Colombia and are in various discussions to add additional acreage. Our vision is to provide carbon capturing hemp-based products and solutions for as many companies as imaginable across the world to improve upon their current carbon footprint and meet their short-term and long-term ESG and sustainability initiatives to the betterment of all humankind,” concluded Mr. Thomas.
Stellantis is likely looking to both purchase offsets to meet their EU requirements and at the same time be provided a supplier for their hemp-based parts.
This spring the EU opened up the global market for companies to meet their compliance offset needs. In order for the offsets to qualify they have to be accessed by an approved third party. So when Isiah said they are accessing and developing a strategy to monetize their carbon credits that is likely what it means. Not only does the hemp itself pull carbon from the atmosphere like no other crop but they also access the social impact as well as the finished products offset of oil-based products. Once everything is accessed a value of the carbon credit is established, the project is certified and is open to purchase on the carbon market.
Wouldn't it make more sense to purchase their carbon credits from a company that is ultimately going to supply them with products than from a competitor like Tesla?
A picture is definitely coming into focus here and pretty incredible to have a company like Stellantis working with OWP.
$OWPC
Recent OWPC News
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