In addition to large-scale emissions avoidance and reduction efforts, high-quality carbon removals are beginning to be another component of global net-zero roadmaps. This prompted LGT and Boston Consulting Group (BCG) to sign a 10-year air capture agreement with Climeworks, committing to a long-standing commitment to carbon removal. Britain’s largest pension insurance specialist, Rothesay, has also signed a carbon-free agreement with Climeworks.
These purchases mark a total of three 10-year agreements for Climeworks in just 5 months, demonstrating that the demand for high-quality carbon removal exists and positioning it as a pioneer at the forefront of industry change. Founded in 2009, the Swiss company has seen a fair amount of good news lately. In September 2021, the company unveiled a new facility named Orca, which is now the largest direct air capture and storage facility in the world.
In light of Boston Consulting Group’s recent enduring strides, its recent deal with Climeworks comes as no surprise. In September 2020, the global consultancy boldly declared that it intended to achieve net zero climate impact by 2030 and, from there, to become fully climate positive. This new 10-year agreement aims to eliminate some of BCG’s unavoidable emissions and is therefore an essential part of its net zero roadmap. It marks the first of several direct air intake agreements that are expected to take place between the parties and also the start of an advisory relationship between the agencies, with BCG offering to accelerate the scaling up of the service from Climeworks.
In addition to BCG’s advances, Climeworks has signed an agreement with LGT, the world’s largest family-owned private banking and asset management group. The agreement is the largest direct air capture agreement of its kind and commits the group to permanently eliminating 9,000 tonnes of carbon emissions from the air. While this is the newest and most ambitious deal in the market, it is just another one from a leader in the financial services industry, and more and more are sure to be announced. This year.
As the climate crisis grows ever more urgent and pressing, efforts to develop and invest in carbon removal technologies have intensified. Some of the other companies that have recently received funding are carbon disposal platform Carbonfuture and disposal producers Charm Industrial, Noya and Heirloom Carbon.
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