Meta Platforms struck an agreement with a Brazilian investment bank’s forestry division to buy up to 3.9 million carbon credits over the course of more than a decade, as part of a Latin America reforestation project.

The tech giant stated the deal, which runs “through 2038” marks its first significant engagement for carbon removal in Brazil.

Facebook owner Meta Platforms stated the long-term contract with the BTG Pactual Timberland Investment Group (BTG Pactual TIG) is for the delivery of 1.3 million nature-based carbon removal credits, with the option for an additional 2.6 million.

Reuters reported the deal could be worth up to $16 million based on an average price for forestry carbon offsets.

The credits will be delivered from BTG Pactual TIG’s $1 billion reforestation and restoration strategy in Latin America. Conservation International serves as its impact adviser for the project.

Blair Swedeen, global head of net zero and sustainability at Meta Platforms, stated the deal aligns with the company’s goals for its net zero program “and for carbon markets broadly”.

To date, BTG Pactual TIG’s forest restoration projects in Latin America have planted more than seven million seedlings and initiated restoration of approximately 2,600 hectares of natural forest.