Climeworks and Swiss Re: first and largest 10-year purchase agreement
Swiss Re signs the world’s first and largest 10-year carbon removal purchase agreement with direct air capture and storage worth 10 million USD.
Key take-aways:
In order to neutralize part of its unavoidable CO₂ emissions, the AMAG Group has signed a carbon dioxide removal agreement with Climeworks
The Swiss mobility provider has committed to becoming a climate-neutral company by 2025* and to achieving a climate-neutral footprint in accordance with net zero across all stages of the value chain by 2040**
The AMAG Group relies on Swiss technology to drive forward its climate strategy: in addition to its agreement with Climeworks, AMAG has acquired a stake in the Swiss start-up Synhelion, which produces synthetic fuels from solar heat
As stated in the Swiss Climate Strategy adopted in January 2021 as well as in the IPCC, achieving net zero emissions implies the use of carbon dioxide removal technologies. Such solutions are absolutely necessary to limit global warming to 1.5°C.
The AMAG Group recognized this early on and has now signed a comprehensive carbon dioxide removal agreement with Climeworks, which will permanently neutralize a portion of the AMAG Group's unavoidable CO₂ emissions.
Helmut Ruhl, CEO of the AMAG Group, sees the cooperation with Climeworks as an important component of AMAG's climate strategy: "As part of our climate strategy, we have set ourselves the goal of operating as a climate-neutral company by 2025 and achieving a climate-neutral footprint in accordance with Net Zero by 2040. We will reduce a large part of the emissions through already introduced measures. Additionally, we will sustainably remove the CO₂ emissions that cannot be avoided from the atmosphere thanks to our partnership with Climeworks. Under the agreement signed with Climeworks, the AMAG Group's unavoidable Scope 1 and 2 CO₂ emissions are to be eliminated in the long term. I am pleased that in our efforts to achieve the 1.5-degree target, Climeworks and thus Swiss technology are making a substantial contribution."
"We are proud to be making an important contribution to the AMAG Group's climate strategy. AMAG recognized early on that in addition to emission reductions, unavoidable CO₂ emissions must be neutralized in order to achieve net zero. Through our cooperation with the AMAG Group, we show that Swiss innovation can have a global impact and together we want to inspire others to include carbon dioxide removal solutions in their climate strategy", says Christoph Gebald, co-founder and co-CEO of Climeworks.
* Scope 1 and 2: Scope 1 covers direct emissions from own or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, heating and cooling consumed by the company concerned.
** Scope 3 emissions are all other emissions caused by the company's activities but not under its control, for example from suppliers, service providers, employees or end consumers.
Read up on another example of a Swiss company pushing for sustainable transformation:
UBS commits to Climeworks' carbon removal solution
Climeworks is excited to enter a long-term collaboration with UBS, the latest and largest financial services company to commit to Climeworks’ carbon removal solution.
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