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Transition Finance

BeZero puts Microsoft's carbon-removal diligence on the record

Fourteen ex ante ratings show how a major corporate buyer vets credits before issuance.

BeZero Carbon has published 14 independent ex ante ratings of projects that ran through Microsoft's carbon-removal diligence process, according to ESG News. The set spans improved forest management, soil carbon, biochar and agroforestry projects across the United States, Argentina, India and Peru. BeZero called the collection one of the most comprehensive published analyses of a single buyer's removal portfolio.

An ex ante rating evaluates a project before credits are issued, not after performance data lands. BeZero's carbon risk analysis examines additionality, carbon accounting and permanence. A separate execution review scores operational and delivery risks that could stop expected credits from reaching the market. Some reports also assess wider environmental and community risks and benefits.

A 45-million-tonne portfolio

Microsoft aims to be carbon negative by 2030 and to remove the equivalent of its historical emissions by 2050. It contracted more than 45 million tonnes of carbon dioxide removal in fiscal 2025 alone. The company already publishes its own Criteria for High-Quality Carbon Dioxide Removal. These reports, built with Microsoft's Carbon Removal team and BeZero's Beyond Carbon experts, add an independent layer to that internal procurement standard. BeZero has since incorporated the approach into its broader offering.

The release lands as carbon markets face rising pressure to prove environmental integrity before projects begin issuing credits. A contracted tonne may satisfy a purchasing target on paper, but investors and corporate buyers increasingly want evidence that projects can deliver the promised climate outcome without creating material social or environmental risks. For Microsoft, that scrutiny carries considerable financial and climate implications.

The ratings do not move tonnes by themselves. They document diligence. For transition finance that is a real but moderate value: a template for asking hard questions before capital commits. Whether other corporate buyers adopt the template will determine how much these ratings matter.

Sources & further reading
ESG News
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