Climeworks and PwC Switzerland enter long-term collaboration
PwC Switzerland announced its net zero roadmap and closed a 9-year carbon removal contract with Climeworks, which will help the firm to remove part of its unavoidable emissions
H&M Group shared an update on its decarbonization strategy, announcing several initiatives the company undertakes to achieve its SBTi-verified targets.
While these initiatives rightly and importantly focus on emissions reductions, H&M Group took a first step as part of a long-term commitment to high-quality carbon removals, signing a multi-year agreement with Climeworks, which covers the removal of 10,000 tons of CO₂.
Multi-year agreements like this one are crucial in two ways: first, they support the scale-up of CDR technologies like DAC+S as the guaranteed demand helps project developers like Climeworks to accelerate growth planning and second, they allow companies to build long-term relations in this sector today to be well positioned to secure CDR at more affordable prices at scale.
In order to keep the 1.5°C goal of the Paris Agreement within reach and avoid the most drastic effects of climate change, the world needs to get to net-zero emissions by mid-century. To achieve this, global emissions need to be reduced by 50% by 2030 and at least 90% by 2050, while the remaining 10% of unavoidable emissions must be removed by CDR solutions such as DAC+S, as suggested by the Science-Based Targets initiative (SBTi). In its latest report, the IPCC estimates that DAC+S alone will need to remove up to 310 billion tons of CO₂ by 2100.
A fundamental transition of the global economy across all sectors is required to achieve such goals, and the private sector is and will continue to be a key driver of the CDR industry’s growth.
The multi-year CDR agreement with Climeworks is H&M Group’s first step in their long-term commitment to building a portfolio of high-quality, durable CDR solutions. For Climeworks, the guaranteed demand resulting from the growing number of multi-year agreements allows accelerated growth planning, contributing to the company’s journey to gigaton scale by 2050.
PwC Switzerland announced its net zero roadmap and closed a 9-year carbon removal contract with Climeworks, which will help the firm to remove part of its unavoidable emissions
One of the world’s leading management consulting firms, BCG, has signed a 10-year carbon removal agreement with Climeworks to remove part of their unavoidable emissions.
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.
No cookies = No worries: We don’t use 3rd party cookies and only use the cookies we strictly need to keep our website functioning. Our website usage data is 100% cookie-less, anonymized, and under our full control. For more information, please check out our privacy notice.