Insurance company AXA Switzerland has announced partnerships with Swiss decarbonization startup Neustark and Brazil-based carbon removal company InPlanet as part of its strategy for reaching climate targets by 2030.
By venturing into these collaborations, AXA Switzerland plans to support the removal and storage of 1,950 tonnes of CO2 by 2028 to be delivered by InPlanet, followed by an additional 1,800 tonnes of carbon removal and storage to be delivered by Neustark by 2030.
This move forms part of AXA Switzerland’s agenda for tackling its operational emissions, as well as a bold step forward in supporting the proliferation of innovative carbon dioxide removal (CDR) technologies.
As Daniela Fischer, Chief Sustainability Officer at AXA Switzerland, explained, “By supporting these projects, we are making a contribution to net zero and at the same time promoting future-oriented technologies and Switzerland as a location for innovation.”
AXA Switzerland has been dedicated to limiting its carbon footprint for more than a decade.
In the period between 2012 and 2019, the company managed to reach 38% of energy and business mobility greenhouse gas reductions, partially due to its decision to downsize office space and transition to renewable heating options.
Building on this progress, the company is now focused on further emissions slashing, aiming to reach an additional 43% of CO2 reductions in the period between 2019 and 2030.
To that end, AXA Switzerland opted for collaborations with InPlanet and Neustark on account of their innovative approach to retiring carbon dioxide emissions.
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InPlanet employs the method of enhanced rock weathering (ERW) to pull CO2 from the atmosphere.
Ever since its launch in 2022, the company has been working on building meaningful connections with local communities and promoting sustainable agriculture, all while successfully positioning itself as one of the leading ERW developers in the industry.
Specializing in permanent carbon removal, Neustark employs technology that incorporates CO2 captured from biogas plants into demolition concrete.
With this novel approach, the Swiss startup turns the largest global waste stream into a powerful CO2 sink, producing carbon-enriched granulate that can be used as a building material.
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