After they became the first media group to purchase CDR services from Climeworks in 2021, The Economist Group has renewed their commitment to high-quality CDR.
In 2021, The Economist Group became the first media group to purchase carbon dioxide removal (CDR) services from Climeworks. Now, The Economist Group has renewed their commitment to permanently remove a part of their unavoidable CO₂ emissions with Climeworks to work towards their SBTi-approved target to reach net zero by 2050.
Current attempts to reduce emissions fall far short of what is needed*. In addition to drastic emissions reductions, CDR solutions such as direct air capture and storage (DAC+S) need to be deployed at scale to maximize our chances of limiting global warming to 1.5°C above pre-industrial levels. According to the SBTi, emissions must be reduced by at least 90% by 2050 and the remaining 5-10% of unavoidable CO₂ emissions need to be neutralized by CDR to achieve net zero by 2050.
To meet the challenge ahead, companies across all industries are required to take action, as echoed by speakers at the occasion of the Climeworks Direct Air Capture Summit on June 6, 2023. While voluntary CDR purchase agreements have been pioneered by the finance, tech, and insurance sectors, scaling CDR solutions like DAC+S to gigaton levels warrants the support from companies across all sectors and of all types.
The additional purchase by The Economist Group sets an example for how early buyers are building long-term relationships in this emerging sector and can inspire others to take action. Their renewed commitment shows confidence in and support for Climeworks’ high-quality and high-integrity approach for CDR.
Earlier this year, Climeworks became the first CDR company to deliver third-party verified CDR services via DAC+S: a 100% additional, precisely measurable, and permanent solution to remove CO₂ from the air.
*The Economist, January 23, 2023, “Countries need to pull more carbon dioxide out of the air”.