Climeworks establishes new market mechanism to achieve climate goals
Climeworks establishes new market mechanism to achieve climate goals

Climeworks establishes new market mechanism to achieve climate goals

Climeworks - New market Mechanism - Climate Goals

Once again a pioneer! Our client Climeworks has signed several contracts for its Carbon Dioxide Removal Solution, marking the first time a company is commissioned to permanently remove the carbon dioxide of its customers from the atmosphere.

Companies can now reverse the effect of unavoidable emissions and achieve carbon neutrality, through Climeworks’ Direct Air Capture (DAC) technology removing an equivalent amount of CO2 emissions from the atmosphere and storing them underground via the CarbFix process in Iceland.

South Pole Energy Challenge becomes carbon positive

The first customers to sign up for the Carbon Dioxide Removal solution are Robert Charles Swan and his son Barney, who recently completed the South Pole Energy Challenge – the first polar expedition using only renewable energies. The pair skied 965km using a NASA designed ice melter, passive solar vacuum flasks, and advanced biofuels for survival. The expedition signed up with Climeworks to reverse emissions stemming from flights and associated logistics to make the expedition net positive.

Robert and Barney comment:

“Our expedition is committed to showing the world how important reducing carbon emissions is for the future of our planet. The answers are simple: tangibly remove CO2 through emission solutions like the Climeworks technology, reforestation projects, and carbon policy. Through engaging with big and small commitments surrounding sustainability, we intend to clean up 326 million tons of CO2 over the next 6 years.”

ClimateWorks Foundation reverses its indirect emissions

The second customer is ClimateWorks Foundation, an NGO that works globally to strengthen the philanthropic sector’s response to climate change.

“Investing in diversified portfolios of clean energy technologies today will create new markets and opportunities that accelerate decarbonization and help the world meet its climate goals.” – Program Manager Jess Lam

ClimateWorks signed up to the Climeworks solution to reverse the impact of so-called Scope Two and Three emissions, which according to carbon accounting standards, are the indirect emissions created by services and products purchased by an organization, including office electricity use, business travel, and employee commuting.

Scalable DAC plants

Founded by engineers Christoph Gebald and Jan Wurzbacher, Climeworks’ technology involves scalable DAC plants that capture atmospheric CO2 with a filter, using mainly low-grade heat as an energy source. Last May, Climeworks made history by opening the world’s first commercial DAC plant in Hinwil, Switzerland which supplies captured CO2 to a nearby greenhouse helping to grow vegetables. Last October the company also announced its participation in the CarbFix project in Iceland, where its DAC technology is capturing CO2 to be mineralised and permanently stored underground.

Climeworks co-founder and co-CEO Jan Wurzbacher:

“Unlike compensation schemes, where emissions are offset through the trade of pollution rights, the Climeworks solution involves the direct removal of the same amount of emissions from the atmosphere as the customer is creating. Climeworks offers a metered and permanent approach to Carbon Dioxide Removal. This makes the Climeworks solution an important opportunity for companies and organisations to ensure they are actually carbon neutral despite unavoidable CO2 from their operations, such as Scope Three emissions.”

Climeworks co-founder and co-CEO Christoph Gebald:

“Once the test phase of our pilot project in Iceland is complete, our goal is for larger amounts of CO2 to be removed from the atmosphere and made available for purchase by individuals, organizations and companies. In order to achieve climate goals we need several Carbon Dioxide Removal schemes working together on a gigaton scale. Consider investing 5% of your offset efforts in DAC in order to grow this industry and create a strong Carbon Dioxide Removal portfolio.”