SAO PAULO, Sept 24 (Reuters) - Amazon ( AMZN ) and other

companies have agreed to buy carbon offset credits that will

support the conservation of its namesake rainforest in the

Brazilian state of Para, in a deal valued at around $180

million.

Amazon ( AMZN ) and at least five other firms will make the purchase

through the LEAF Coalition forest conservation initiative, which

it helped to found in 2021 with a group of companies and

governments including the United States and United Kingdom.

The agreement is LEAF's first deal in the Amazon ( AMZN ), the

world's largest rainforest, which is vital to curbing climate

change because of the enormous amount of greenhouse gas its

trees absorb.

The Para state government and the LEAF Coalition first

shared details of the deal exclusively with Reuters. Para

Governor Helder Barbalho is set to announce the agreement on

Tuesday evening during New York Climate Week, when about 900

events will be held alongside the UN General Assembly.

"Clearly it sends an important message: A company with a

name referencing the Amazon ( AMZN ) making its first purchase with a

state in the Amazon ( AMZN )," Barbalho told Reuters.

Amazon ( AMZN ) confirmed the purchase in a statement, emphasizing

the importance of tropical forest preservation in addressing

climate change.

While demand for carbon credits globally has stalled, tech

giants Microsoft ( MSFT ), Meta and Google have all made purchases of

offsets in Brazil this year.

Amazon ( AMZN ), drug and chemical maker Bayer, consultancies BCG and

Capgemini, clothing retailer H&M and Walmart ( WMT ) will collectively

buy 5 million credits at $15 per credit. That is far above the

average last week of $4.49 for carbon credits linked to nature,

according to data provider Allied Offsets.

Each credit represents a reduction of 1 metric ton of carbon

emissions from reducing deforestation in Pará state in the years

2023 to 2026.

Another 7 million credits will be made available for other

companies to purchase. The U.S., U.K. and Norwegian governments

have guaranteed a portion of those credits and will buy them if

companies do not.

Para will host the UN COP30 climate summit next year, in a

move that is the centerpiece of President Luiz Inacio Lula da

Silva's bid to restore Brazil's environmental credentials after

years of soaring deforestation.

Para has been the top state for deforestation since 2005,

although destruction has been falling there since 2021. An area

larger than New York City has been deforested in Para from

January to August this year, a 20% decline from a year ago,

according to preliminary federal government data.