Swiss Re Signed a $10 Million Carbon Capture Deal
The agreement, with Switzerland-based Climeworks, is good for 10 years and an unspecified amount of CO₂.
Photographer: Gaetan Bally/Keystone/Redux
Reinsurance giant Swiss Re announced Wednesday that it had signed the world’s first long-term agreement to take carbon directly out of the air. The contract with Climeworks AG, one of the world’s leading direct air-capture startups, will net the climate technology company $10 million over 10 years.
Mischa Repmann, a senior environmental management specialist with Swiss Re, said the deal would not only help his company reach its goal of becoming carbon neutral by 2030, it could inspire other business considering the use of carbon capture technology. “It’s a call for action, and we’re hoping that others will follow,” he said.