In carbon removal, landing a major offtake agreement—like Microsoft’s purchase of 44,000 credits from Carba—is often seen as the holy grail. But what happens next? How does the money flow, and can debt financing bridge the gap between signature and scale? In this episode of Reversing Climate Change , host Ross Kenyon unpacks the deal between Microsoft and Carba, a waste-to-value biochar company turning landfill-bound biomass in Minnesota into durable carbon removal. With credits to be delivered over five years, Carba needed capital to ramp up production. Enter Structure Climate, which is financing the deal to help Carba meet its commitments—showcasing a compelling model for how debt finance can unlock climate impact. Guests Andrew Jones, CEO and Cofounder of Carba, and Matt Schmitt, Founder and CEO of Structure Climate (where Ross serves as an advisor), walk us through the mechanics of the deal, the role of debt vs. equity, and what this means for the future of carbon removal finance. Resources Become a paid subscriber of Reversing Climate Change "Carba Announces 5-Year Carbon Removal Credit Purchase Agreement with Microsoft" announcement Structure Climate Carba Microsoft's carbon removal program
