New program enables companies to advance the carbon removals sector, scaling cutting edge carbon dioxide removal (CDR) solutions to meet global climate targets.
LONDON, Aug. 6, 2024 /PRNewswire/ — Climate Impact Partners, experts in the voluntary carbon market for more than 25 years, has today launched its new carbon dioxide removal program, enabling companies – from SMEs to multinationals – to channel finance to innovative carbon dioxide removal technologies.
To meet global net zero goals, 10 billion tons of CO2 needs to be removed from the atmosphere every year by 2050. The program will accelerate the deployment of new and high permanence hand-selected carbon removal solutions. This includes direct air capture from Octavia Carbon, ocean alkalinity enhancement, and enhanced rock weathering from UNDO Carbon.
Through the program, organisations provide early-stage support, which is distributed across a range of carbon dioxide removal solutions, helping to overcome the high-cost barrier to entry in the sector – minimising the risk of delivery and maximising innovation.
“A future with negative emissions technologies becomes one step closer with our program,” said Rob Stevens, Director of Product Development at Climate Impact Partners. “These innovative technologies need to be piloted, proven, scaled and made more affordable – early-stage finance is critical to that. We are putting our decades of carbon experience to the task of crowding more companies into the space to provide the stream of finance needed.”
Demand for removal technologies is growing significantly. Purchases have grown nearly eight-fold since 2022 and the number of companies supporting removal technologies has doubled.
“The carbon removal market is currently starved of investment, stifling innovation and progress in the sector,” said Diana Maranga, Business Development Lead at Octavia. “As the Global South’s first Direct Air Capture (DAC) company, our goal is to scale DAC down the cost curve and lead the charge in reversing the effects of climate change. But, to make that happen, we first need private sector initiatives like Climate Impact Partners’ new program, allowing us to unlock the necessary financial resources to scale our impact.”
“Businesses must be able to establish relationships with carbon project developers to funnel much-needed finance to viable climate solutions,” added Chris Zair, Head of Partnerships at UNDO. “To have the most impact, they should select projects that remove carbon permanently while providing co-benefits to nature and people. UNDO accelerates the potential of natural rock weathering while providing co-benefits to soils and rural communities, which could address 40% of global CO₂ removal targets if scaled significantly.”
Companies can demonstrate progress towards their Beyond Value Chain Mitigation (BVCM) goals through supporting the program, with key progress updates shared via the Climate Impact Partners Dashboard.
About Climate Impact Partners
Climate Impact Partners is a leader in developing and delivering high-quality, high-impact carbon market solutions for climate action. For more than 25 years, the company has worked with climate-leading businesses to support more than 600 carbon removal and reduction projects in 56 countries. With a focus on helping to transform the global economy, improve health and livelihoods and restore a thriving planet, Climate Impact Partners develops and delivers the highest quality carbon-financed projects. It creates and manages carbon credit and energy attribute certificate portfolios that enable its clients to offset emissions they can’t yet reduce, put a price on carbon to incentivize change, and meet ambitious climate goals. Climate Impact Partners builds on the expertise, integrity, and innovation of two companies that have led the voluntary carbon market – Natural Capital Partners and ClimateCare. Learn more at www.climateimpact.com
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SOURCE Climate Impact Partners