Barclays has embarked on its first major carbon dioxide removal (CDR) agreement, striking a partnership with nature-based CO2 removal company UNDO.
Under this landmark deal, UNDO will deliver 6,538 tonnes of CDR through its enhanced rock weathering (ERW) operations in Ontario, Canada.
Besides marking Barclays’ first CDR venture, this deal also represents the largest ERW agreement of its kind in Britain, set to be delivered by a British supplier.
This collaboration, accompanied by an innovative prefinancing structure, will include spreading finely crushed silicate rocks on 10,000 acres of Canadian farmland.
XPRIZE winner UNDO will be in charge of these activities, which will draw down atmospheric CO2, generating permanent, high-quality CDR results.
For UNDO, the agreement with Barclays further grows the company’s portfolio of prominent clients.
So far, its vision of scaling ERW to a billion-tonne level by spreading millions of tonnes of rock each year has been backed by leading brands such as British Airways, Microsoft, and McLaren Racing.
Barclays, on the other hand, enters its first large-scale CDR deal with the intention of complementing a comprehensive net-zero strategy, organized as a multi-year plan that will tackle the bank’s most emission-intensive operations.
Besides investing in CDR, this strategy also includes real estate right-sizing, energy efficiency improvements, and renewable electricity sourcing, as well as other climate-oriented initiatives.
Relevant: UNDO Carbon: A Spotlight on Enhanced Weathering
Daniel Hanna, Global Head of Sustainable and Transition Finance at Barclays, explained, “Having reduced our Scope 1 and Scope 2 emissions by 95%, we are complementing our core net-zero operations strategy by investing in permanent carbon removal.”
“UNDO’s approach to enhanced rock weathering offers the potential for a scalable solution to permanent carbon removal, which is pioneering, and one we’re proud to support through this landmark offtake.”
UNDO Founder and CEO Jim Mann sees this deal as a powerful vote of confidence in the CDR company’s ability to scale rapidly.
“With the backing of forward-thinking organizations like Barclays, we are rapidly expanding enhanced rock weathering across farming communities, delivering measurable co-benefits such as stronger soils, healthier crops, and higher yields.”
He added, “This landmark offtake validates the expansion of one of the most impactful carbon removal solutions available today.”
Read more: Microsoft Inks New, Follow-on Carbon Removal Deal With UNDO
