Climeworks Announces Boston Consulting, LGT Bank, & Rothesay As New Carbon Removal Customers
In addition to high-scale emission avoidance and reduction efforts, high-quality carbon removals are beginning to be another component of global net-zero roadmaps. This has triggered both LGT and Boston Consulting Group (BCG) to sign a 10-year air capture agreement with Climeworks, thereby committing to a longstanding commitment towards carbon removal. The UK’s largest pension insurance specialist, Rothesay, also signed a carbon removal agreement with Climeworks.
These purchases mark a total of three 10-year agreements for Climeworks within just 5 months, showcasing that the demand for high-quality carbon removal exists and pitting it as a pioneer at the forefront of industry change. Founded in 2009, the Swiss company has enjoyed a good amount of good news lately. In September 2021, the company revealed a new facility named Orca, which is now the world’s largest direct air capture and storage plant.
In light of Boston Consulting Group’s recent sustainable strides, its recent deal with Climeworks is no surprise. In September 2020, the global consulting firm boldly stated that it intends to achieve net-zero climate impact by 2030 and from there, to become entirely climate positive. This new 10-year agreement aims to remove part of BCG’s unavoidable emissions and therefore is a vital component of its net-zero roadmap. It marks the first of several direct air capture agreements expected to occur between the parties and also the commencement of a consulting relationship between the bodies, as BCG has offered to accelerate the scale-up of Climeworks’ service.
In addition to advancements of BCG, Climeworks has signed an agreement with LGT, the world’s largest family-owned private banking and asset management group. The deal is the largest ever direct air capture agreement of its kind and has committed the group to permanently remove 9,000 tons of carbon emissions from the air. While this is the latest and most ambitious deal in the market, it is just another one made by a leader within the financial services sector, with more and bigger ones certainly being announced this year.
As the climate crisis becomes increasingly urgent and pressing, the efforts to develop and invest in carbon removal technologies have intensified. Some of the other companies which recently received funding are the carbon removal platform Carbonfuture, and the removal producers Charm Industrial, Noya, and Heirloom Carbon.
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