Climeworks sign carbon removal contract with PwC Switzerland

PwC Switzerland will be working with Direct Air Capture provider Climeworks to remove CO2 from the atmosphere and help achieve its net zero targets

Climeworks and PwC Switzerland have announced a 9-year carbon removal contract, which will help the auditing and consulting firm to remove part of its unavoidable emissions.

PwC Switzerland has recently revealed its net zero by 2030 roadmap to achieve its validated science-based targets, and selected Climeworks as one of the solutions contributing to removing its remaining emissions.

PwC is committed to reducing its emissions in line with a 1.5 degree climate scenario. Its emissions reduction targets have been validated by the Science Based Targets Initiative and include commitments to reduce its scope 1 and 2 emissions and the firms business travel emissions by 50% in absolute terms by 2030. Its net zero commitment is in line with the company's strategic goal of strengthening trust in society and solving key problems with sustainable results.

Initiatives to reduce emissions have also included switching to 100% renewable energy for electricity consumption, setting public transport as a preference, and installing sophisticated recycling systems at all PwC Switzerland locations.

Helping companies in the transition to net zero 

Removing CO2 from the atmosphere is needed in addition to emissions reduction efforts to limit global warming to 1.5°C, as reconfirmed by the latest IPCC report.  

Zurich-based Climeworks has emerged as a leading Direct Air Capture (DAC) provider. DAC technology, listed by the IEA as a key carbon removal option in the transition to a net zero energy system, extracts CO2 directly from the atmosphere for use as a raw material or permanently removed when combined with storage. 

Climeworks recently completed a US$650mn capital raise aimed at supporting its DAC capacity expansion, and announced the launch of “Mammoth,”  its largest project to date, with anticipated CO2 capture capacity of 36,000 tonnes per year.

The PwC deal marks the latest in a series of long-term agreements for Climeworks, including recent announcements with Microsoft, Swiss Re and UBS.

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