Microsoft Corp is making a big move into Brazil’s voluntary carbon market with a deal to buy credits from a large-scale project to reforest degraded parts of the Amazon.

The Amazon Summit wants to draw attention to the potential of an untapped market that can help recover deforested areas. Stimulating green economies is at the center of discussions, and one issue that is gaining prominence is the carbon credit market.

An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak.

Brazilian startup implements a US$ 100 million program in Pará to remove carbon from the atmosphere.

Companies are replanting millions of hectares and generating revenue through carbon credit sales.

New venture, with Conservation International as an impact adviser, will help boost supply of high-quality carbon removal credits while creating social, economic, and environmental value