Tag: carbon removal

Ørsted enters into new major agreement on carbon removal with Microsoft

Stuart Mitchell

In a landmark deal, Ørsted will sell a further one million tonnes of carbon removal over a ten-year period to Microsoft from Avedøre Power Station, which is part of the bioenergy carbon capture and storage (BECCS) project ‘Ørsted Kalundborg CO2 Hub’. This new agreement builds on an existing commitment by Microsoft to buy 2.67 million tonnes from Asnæs Power Station, bringing the total purchase under contract to 3.67 million tonnes of CO2. As part of the ‘Ørsted Kalundborg CO2 Hub’, Ørsted will establish carbon capture at its wood chip-fired Asnæs…

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Autodesk joins Frontier to advance carbon removal solutions globally

Stuart Mitchell

Autodesk has strategic ambitions to advance our industries to be more sustainable, resilient, and equitable. We believe we have a unique role to play in helping innovators design and make the solutions necessary to decarbonize the industry and successfully address climate change. And that’s why we’re thrilled to announce Autodesk has joined Frontier, a $1 billion USD private sector initiative focused on accelerating permanent carbon removal. Our membership furthers our commitment to addressing climate change not only through our own business operations, but through supporting our customers in their own…

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McKinsey partners with Stripe, Alphabet, Shopify, and Meta on $925 million carbon removal commitment

Stuart Mitchell

McKinsey Sustainability are partnering with Alphabet, Shopify, Meta and Stripe in an eight-year $925 million commitment to accelerate the development of permanent carbon removal technologies by guaranteeing future demand. The joint effort, called Frontier, is an advanced market commitment (AMC), which aims to expand the global supply of carbon removal, rather than increase competition for the supply that exists today. McKinsey’s insights have shaped the climate dialogue for more than a decade and this partnership is yet another step in our commitment to building a more sustainable future. “Reaching net…

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LGT and Climeworks close one of the largest-ever direct air capture agreements – the financial services industry at the forefront of carbon removal

Stuart Mitchell

Recent developments, such as new initiatives launched during COP26 or the release of the new SBTi Net Zero Standard, prove that high-quality carbon removal must be an essential component of net zero roadmaps in addition to emissions reduction efforts. LGT, the world’s largest family-owned private banking and asset management group, has just signed a ten-year carbon removal agreement with Climeworks to remove 9’000 tons of CO₂ from the air – the largest-ever direct air capture agreement signed by a bank. LGT’s purchase is the third ten-year agreement for Climeworks within…

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