GHG Emissions  -  August 27, 2021

Swiss Re Joins $10 Million Carbon Capture Purchase Agreement

Swiss Re announced Aug. 25 a 10-year purchase agreement for direct air capture and storage of carbon dioxide.

The deal with Climeworks, the provider of carbon capture technology, is worth an estimated $10 million over its ten-year lifespan. The two companies said this is the world’s first long-term purchase agreement for such technology.

The pair also agreed to collaborate on studying and developing solutions for risk management and identifying future investment opportunities. Climeworks’ current technology is situated in Iceland and filters CO2 from the surrounding air using geothermal energy, storing it in nearby rock layers.

“To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of emission reduction,” Christian Mumenthaler, Swiss Re’s group CEO and co-chair of the World Economic Forum's Alliance of CEO Climate Leaders, said in a statement. “By partnering with Climeworks we can play to our strengths in this endeavour, as a risk taker, investor, and forward-looking buyer of climate solutions.”

Swiss Re is currently pursuing a target to be net-zero in its own operations by 2030 and net-zero in its insurance and investment activities by 2050.

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