Switzerland-based carbon removal specialist Climeworks has extended its services beyond direct air capture (DAC) with the release of Climeworks Solutions – a new offering that tailors carbon removal portfolios to the individual needs of companies.
Taking note of the urgency to accelerate decarbonisation efforts, the service was launched as part of a decision to extend its offering beyond DAC-based removals in response to strong customer demand.
The solution will curate portfolios featuring their DAC technology alongside other engineered and nature-based methods.
According to Climeworks, companies are ensured that every purchased tonne of CO2 removed is genuinely one tonne and only solutions meeting the company’s standards and third-party verification make it into the portfolios.
This was backed up by Tom Crowther, Professor of Ecology at ETH Zurich, who affirmed that the new offering will align with established climate science.
“We meet customers where they are today,” said Adrian Siegrist, Vice President of Climeworks Solutions. “Some are highly advanced in their strategy but have limited resources to scan the market for high-quality solutions.”
“Others recognise the need to shift away from avoidance offsets, but are at the beginning of the journey, with limited budgets. We can cater to all those needs and meet their ability to pay.”
Swiss luxury watchmaker Breitling has become the first customer of Climeworks Solutions after signing a 12-year agreement for a portfolio that mainly includes Climeworks’ own DAC technology, in addition to enhanced weathering.
Having had its carbon reduction roadmap validated by the Science Based Target initiative, Breitling has developed a plan to achieve absolute emission reductions in line with the Paris Agreement goals by 2032.
©Climeworks. The company’s Orca DAC plant.
“Climeworks is an essential partner in the tangible action Breitling is taking as a ‘Squad on a Mission to do Better’,” said Georges Kern, CEO of Breitling. “Addressing climate change in our sphere of influence is a crucial step in achieving Net Zero globally.”
To achieve this, Siegrist emphasised the importance of long-term agreements as a key enabler for the carbon removal industry’s transformation of scaling to ‘gigatonne’ capacities over the next 26 years.
“Breitling’s multi-year portfolio agreement guarantees offtake security for Climeworks and its suppliers, which accelerates technology deployment in the field,” he added.
In its report titled ‘Carbon removals: How to scale a new gigatonne industry’, McKinsey revealed that the CDR industry has potential for its value to reach $80bn by 2030, growing to $1.2 trillion by 2050.
However, this will require massive investments, ranging anywhere between $6 and $16 trillion by mid-century.
“So far, the market has been dominated by early adopters,” said Christoph Gebald, co-Founder and co-CEO of Climeworks. “Now, we see a next wave of companies entering as buyers and we can serve them according to their individual needs.”
