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47 min ago 2 min read
Carbon dioxide (CO2) removal company Climeworks Solutions (Climeworks) has signed 14 new carbon dioxide removal (CDR) deals in the past six months, representing around 450,000 tonnes of CDR across a diversified customer base.
Carbon removal credits will be delivered through direct air capture (DAC), enhanced rock weathering (ERW), biochar, bioenergy with carbon capture and storage (BECCS) technologies, as well as afforestation, reforestation, and revegetation (ARR) pathways.
Climeworks said the 14 companies each generate more than $5bn in annual revenue, reflecting growing adoption of CDR strategies from large companies aiming to reach net-zero goals.
These partnerships include carbon removal portfolio agreements with banking, aviation, healthcare, luxury, retail, and technology companies, including AI infrastructure company and Canadian financial services firm .
The agreements also mark several firsts for Climeworks, including its first partnership with a North American retail and consumer goods group through Tapestry.
A from British research and consultancy firm Wood Mackenzie, covering drivers for carbon capture, utilisation and storage (CCUS) and carbon offsets, detailed that DAC and BECCS are driving the carbon removal market forward, creating a nearly $9bn market in estimated deal value.
John Ferrier, Senior CCUS Research Analyst at Wood Mackenzie, said, “North American DAC projects [are] making up a significant amount of capacity today, but policy uncertainty around incentives is creating delays and even cancellations in some cases.”
Despite these uncertainties, DAC projects totalling 18 million tonnes per annum (mtpa) are expected to be operational by 2035, he added.
Christoph Gebald, co-CEO of Climeworks, said, “The next phase [of carbon removal] will not be defined by one company making the next mega-deal. It will be defined by many companies across many sectors… and by policy frameworks that build on voluntary action.”
