Our member Climeworks recently signed a pioneering 15-year agreement with Boston Consulting Group (BCG) to rapidly scale high-quality carbon removal technologies to contribute to mitigating climate change. The agreement’s duration is significant as it highlights the essential role of long-term commitments to fast-track the capacity build-out of high-quality carbon removal technologies. With their first carbon removal partnership contract signed in 2021 to support BCG’s journey to net-zero, this new agreement is Climeworks’ largest corporate buyer to date, encompassing a removal purchase of 80,000 metric tons of carbon dioxide (tCO2).
Climeworks’ mission is to ensure a liveable future for generations to come by reaching net-zero emissions by 2050. To achieve this, CO2 removal solutions, such as Direct Air Capture (DAC), are needed to neutralise unavoidable and historic emissions. Since 2017, Climeworks has 4 DAC plants and in June 2022, the latest one started construction in Iceland with the capacity to capture up to 36,000 tons of CO2, progressively making the large-scale removal of CO2 a reality.
Climeworks’ and BCG’s unprecedented agreement showcases the need for major and early investments in innovative carbon removal technologies for it to operate at the gigaton scale required to reach net-zero goals. This agreement hopes to encourage more pioneering investments in climate-mitigating technologies, lower the cost curve, and scale up vital climate technology.
Find out more about the agreement here at here.