Electric company Schneider and carbon capture firm Climeworks agree on deal for carbon removal
Schneider Electric and Climeworks Partner to Reduce Carbon Emissions
In a significant move towards combating climate change, Schneider Electric has entered into a multi-year partnership with Climeworks, a leading carbon capture solutions provider. This is Schneider Electric's first purchase of carbon removal, contributing towards its Net Zero commitments.
The partnership aims to remove 31,000 tonnes of carbon dioxide (CO2) from the atmosphere by 2039. Esther Finidori, Chief Sustainability Officer of Schneider Electric, highlighted the partnership's complement to ongoing emissions reduction efforts and investments in nature-based carbon removal. She emphasised that carbon removal and carbon reduction are fundamental to achieving climate goals.
Climeworks, co-founded by Christoph Gebald in November 2009 as a spin-off from ETH Zurich, has expressed growing demand for permanent CO2 storage solutions. Christoph Gebald, the Co-CEO of Climeworks, expressed his satisfaction with the partnership, stating that it demonstrates the growing interest in and investment in carbon capture technologies.
The carbon removal will be achieved using direct air capture (DAC), storage, bioenergy with carbon capture and storage (BECCS), and enhanced rock weathering. Carbon removal credits issued from the projects will 'neutralise a portion' of Schneider Electric's estimate residual emissions.
Schneider Electric aims for a 90% reduction in scope 1 and 2 emissions by 2030. This partnership is a significant step towards achieving this goal and reducing carbon emissions. The partnership also underscores Schneider Electric's commitment to reducing its carbon footprint and contributing to the fight against climate change.
Climeworks has surpassed $1 billion in total funding, with an additional $162 million secured in equity finance. This partnership is a testament to the faith investors have in Climeworks' technology and its potential to make a significant impact on climate change.
In conclusion, the partnership between Schneider Electric and Climeworks is a significant step towards reducing carbon emissions and achieving climate goals. It demonstrates the growing interest in and investment in carbon capture technologies and the commitment of companies to combating climate change.
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