Direct air capture (DAC) expert Climeworks is joining forces with financial services company Square, Inc (Square) to remove 2,000 tonnes of carbon dioxide (CO2) from the air using its patented DAC technology.
Following the culmination of international energy summit COP26 in November, it was apparent that CO2 capture technologies can play a key role in helping meet net zero targets as set out by the Paris Agreement.
Seeking to contribute, Square has signed a nine-year carbon removal agreement with Climeworks, which will see 2,000 tonnes of CO2 permanently removed from the air using DAC technology.
Earlier this year Climeworks launched its Iceland-based Orca plant, a facility capable of capturing 4,000 tonnes of CO2 per year.
The agreement allows Climeworks to more accurarelty project future revenue, whereas Square benefit with a guarantee of access and price certainty for its long-term carbon removal requirements.
Commenting on the partnership, Christoph Gebald, Co-CEO, Co-Founder, Climeworks, said, “Square’s long-term commitment to remove unavoidable CO2 emissions with Climeworks shows that the financial services industry is a frontrunner in the scale-up of the CO2 removal market.”
“We are excited to start this journey with Square.”
To help Square achieve its net zero goals, it also teamed up with climate-related software company Watershed, which will assist Square in measuring the company’s carbon footprint in addition to formulating carbon removal strategies.
Neil Jorgensen, Global ESG Lead, Square, called Climeworks an ‘important long-term ally’ in its path to net zero, stating that investing in the adoption of DAC technology is essential to helping mitigate the negative effects of climate change.