Octopus Energy Generation to invest $500 million to remove polluting CO₂ from the atmosphere
Major US deal to help cut up to 50 million tonnes of CO₂ – equivalent to eliminating the annual greenhouse gas emissions of New York City
Carbon credits to be snapped up by Google, Meta and McKinsey
Pushes Octopus closer to its ambitious $2bn US investment target, with a significant proportion in California’s clean tech scene
London / San Francisco, 30 April 2026 – Octopus Energy Generation, one of Europe’s leading renewables investors, is ramping up efforts to slash CO₂ pollution at scale – inking a major US deal that will help remove up to 50 million tonnes of carbon dioxide from the air.
Octopus’s fund management team is set to invest $500 million in afforestation and reforestation projects in the US developed by public benefit and climate technology company Living Carbon.
On top of that, Octopus has put nearly $13 million into Living Carbon's fast-growing, cutting-edge carbon removal development business.
With the new funding, Living Carbon will be able to remove up to 50 million tons of carbon dioxide over the next 40 years – roughly the same as eliminating the annual greenhouse gas emissions of New York City*.
Across the US, roughly 130 million acres of land lie degraded and could be reforested – that’s larger than the entire state of California.**
Using next-gen satellite imagery and historical climate data to pinpoint the best sites for reforestation, Living Carbon focuses on land that would otherwise stay ecologically stagnant.
The locations include old mining sites and worn-out farmland, transforming these spaces into CO₂-absorbing sinks that slash emissions and combat climate change. These projects will also have a host of additional benefits: restoring wildlife habitats, improving water quality, strengthening soils, and supporting local economies in rural communities.
It comes as Living Carbon lands major carbon offtake agreements with Symbiosis Coalition members Google, Meta, and McKinsey.
Last year alone, the number of companies with net zero targets rose by 61% globally***, while companies committed to spend nearly $14 billion on future carbon removal projects.****
Zoisa North-Bond, CEO at Octopus Energy Generation, said: “This is a landmark deal for us in the US and a huge step in our mission to invest in solutions that drive the planet toward a cleaner future.
“Having industry leaders and the world’s largest tech giants backing these projects sends a powerful signal that the carbon removal market is ready to grow. Nature itself is a remarkable force for capturing carbon – by restoring these ecosystems, we can make a real difference for both rural communities and the climate.”
Maddie Hall, Founder and CEO at Living Carbon, said: “Our partnership with Octopus takes us from early-stage implementation to delivering long-term carbon removal at scale with institutional capital. This is a sign that this market is maturing into real project finance as corporate commitments to net-zero increase.”
This comes hot on the heels of Octopus increasing its investment to a total $100 million in nature-based solutions provider Cultivo to restore degraded grasslands in the US.
The latest deal pushes Octopus Energy Generation closer to its ambitious target of directing $2 billion into US clean energy by 2030, with a significant proportion in California’s world-leading clean tech scene.
ENDS
Notes to the Editors:
Sources:
* New York City Mayor’s Office of Climate & Environmental Justice, NYC Greenhouse Gas Inventories, accessed April 2026
** American Forests, Ramping up Reforestation in the United States Guide, March 2021
*** Science Based Targets, Corporate climate target-setting up 40% in 2025, with Asia emerging as a centre of gravity, 2026
***Sylvera, Carbon Market Trends 2026: Prices, Quality, and the Future of Carbon Credits, January 2026
Imagery:
Hi-res versions of imagery can be found at this link.
Press Contact:
Amy Boekstein
press@octoenergy.com
020 4530 8369
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses. As one of Europe’s largest specialist renewables investors, it manages 4.9 GW of green energy projects like wind and solar farms in 21 countries, worth £7bn ($9bn/ €8.5bn). These generate enough green power for 3.2 million homes every year - the equivalent of taking over 1.3 million petrol cars off the road.
Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy, deliver cheaper energy for customers and make it easier for everyone to be a part in the energy transition. This includes innovations like ‘The Collective’ – the UK’s first FCA-regulated investment platform launched by an energy supplier. It allows people to invest directly in renewable energy projects', like wind turbines or solar farms, from £25. The first two projects’ available shares sold out within 6 days, showing strong appetite for a new way to take part in the clean energy transition.
For more information, check out our website.
About Living Carbon:
Living Carbon PBC is a climate technology company transforming degraded and underutilized land across the United States into resilient forests and long-term environmental assets. Through science-backed restoration and rigorous project design, the company generates high-quality carbon credits or bioproducts on land that would otherwise remain barren and unproductive - delivering measurable climate impact. Living Carbon’s partners include: Meta, Google, Microsoft and McKinsey. To learn more about Living Carbon’s technology and ongoing projects visit: livingcarbon.com.