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.
Key take-aways:
Companies with ambitious net zero commitments are adopting high-quality carbon dioxide removal solutions, such as Climeworks’ direct air capture and storage. Removing CO₂ from the atmosphere is needed in addition to emissions reduction efforts to limit global warming to 1.5°C, as reconfirmed by the latest IPCC report.
PwC Switzerland has just announced its net zero by 2030 roadmap and closed a 9-year carbon removal contract with Climeworks, which will help the auditing and consulting firm to remove part of its unavoidable emissions.
To stand a chance of limiting global warming to 1.5°C, the world must reach net-zero CO₂ emissions by mid-century and after that even go beyond and produce net negative emissions. This herculean task requires drastic emission reductions in every part of the world economy, and on top of that the active removal of CO₂ from the atmosphere.
PwC Switzerland shows how companies can drive this, with their net zero by 2030 strategy relying on those two pillars. On the one hand, PwC reduces its emissions as much as possible through different initiatives, such as the switch to 100% renewable electricity or the preference for public transport. On top of these reduction efforts, PwC Switzerland commits to remove all residual emissions with science-based solutions – Climeworks’ direct air capture and storage being one piece and the only technological removal solution of its portfolio to date.
PwC is committed to reducing its emissions in line with a 1.5 degree climate scenario. Its emissions reduction targets have been validated by the Science Based Targets Initiative and include commitments to reduce its scope 1 and 2 emissions and the firms business travel emissions by 50% in absolute terms by 2030. Its net zero commitment is in line with the company's strategic goal of strengthening trust in society and solving key problems with sustainable results.
The use of cutting-edge technologies like Climeworks’ direct air capture to benefit the economy and society has long been a part of PwC Switzerland’s strategy. Such carbon removal technologies will play a major role in enabling the world reach net zero emissions, which requires a significant scale-up of these solutions. Switzerland is a global innovation hub and as such in a unique position to push innovations that contribute to solving global challenges.
Read more about the Swiss companies that have selected Climeworks' high-quality carbon removal service:
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.
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