Swiss Re has signed the world’s first and largest 10-year carbon removal purchase agreement with direct air capture and storage worth $10 million. Climeworks and Swiss Re have committed to a partnership that will include developing risk management knowledge and risk transfer solutions, as well as to explore future investment and project finance opportunities
Climeworks says its carbon dioxide removal via direct air capture technology is the only solution that can reduce atmospheric concentration of CO2 in a scalable manner by capturing CO2 from the air and storing it permanently underground.
Swiss Re committed in 2019 to reach net-zero operational emissions by 2030 by reducing their carbon footprint and removing any residual emissions. The re/insurance industry is at the forefront of assessing complex risk structures including those of climate change. Re/insurers are capable of structuring those risks and allocating them in an efficient way.
This commitment is by its nature providing a structure for interested buyers to enter into similar purchase agreements for carbon capture and removal.
Earlier this month, Air to Earth launched a service offering permanent carbon removal subscription plans that deliver measurable emission reduction results and advance the removal of legacy emissions.
Air to Earth says the three pillars of the company’s approach are pollution rights removal, natural carbon removal and technology innovation of direct air capture, an emerging pathway for removing carbon dioxide directly from the air for use or storage back on Earth.