A record purchase agreement has been signed between carbon dioxide (CO2) removal pioneer Climeworks and risk group Swiss Re to join forces in the effort to scale up carbon removal technology.
According to a recent IPCC report, more measures need to be taken to combat climate change. Climeworks and Swiss Re have responded by committing to a strategic partnership that will see the companies entering the world’s first and largest 10-year carbon removal purchase agreement worth $10m.
With the IPCC’s report stating that the only effective solution for atmospheric CO2 removal being direct air capture (DAC) and storing it underground, the agreement will see the partners work together to generate a rapid scale up of DAC and storage technology.
By providing knowledge and experience in the areas of risk management and risk transfer solutions, Swiss Re can complement Climeworks’ efforts to develop new technology as well as improve its existing carbon removal measures. The two also intend to explore future investment and project opportunities.
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