BCG and Climeworks Sign 15-Year Carbon Removal Agreement

Two years after signing their first carbon removal partnership in 2021, Climeworks and Boston Consulting Group (BCG) have agreed on a new 15-year partnership to rapidly scale high-quality carbon removal to fight global warming.

This removal purchase of 80,000 metric tons of carbon dioxide (tCO₂) is the largest of Climeworks’ corporate buyers to date.

The significant duration of the agreement underlines the crucial role of long-term commitments to fast-track the capacity build-out of high-quality removals. For this, Climeworks is a leader across multiple geographies.

As with their first contract in 2021, this agreement entails a carbon removal purchase agreement to support BCG’s Net-Zero aspirations, and an agreement for BCG to provide consulting services to Climeworks.

Trillion-Dollar Market

Jan Huckfeldt, Chief Commercial Officer of Climeworks said: “Together with BCG, we’re redefining what carbon removal stewardship looks like with an agreement going all the way up to 2040. Long-term commitments defined the success of the solar energy transition and will undoubtedly become more frequent in our industry.”

“It sets a precedent for other climate leaders understanding that carbon removal is a necessity and securing their share of supply early in this future trillion-dollar market.”

The long-term partnership will also help accelerate Climeworks’ global roll-out of its direct air capture and storage plants, providing planning security and fostering financing efforts – akin to how long-term contracting facilitated early solar energy projects.

The contract, covering 80,000 metric tons of CO₂, represents the single largest purchase of Climeworks’ corporate buyers to date.

“Without carbon removal, net zero is out of reach. This is true for BCG and across industries at large. It’s imperative that we start scaling carbon removal today, in particular high-quality solutions that are verifiable, additional, and permanent, to be able to meet the growing demand in the coming decades. Climeworks continues to be a driving force in carbon removal and is a valued partner on the path to BCG’s net zero targets”, said David Webb, Chief Sustainability Officer of BCG.