Global management consulting group Boston Consulting Group (BCG) and direct air capture (DAC) company CarbonCapture announced on June 21 a 40,000-ton carbon removal credit agreement. The deal also intends to include support for CarbonCapture’s business strategy through BCG’s services.
The CO2 removal deal between BCG and CarbonCapture will span over five years, and aims to support BCG’s commitment to net-zero by the end of this decade. This is the second largest publicly announced global DAC offtake agreement by volume and the largest one for the professional services sector across the globe.
David Webb, BCG’s chief sustainability officer said that carbon removal is key to the global net-zero goal and that rapid innovation and scaling are required to achieve the full potential of DAC technology. Early investment and long-term corporate commitments are needed today, he also said.
Relevant: BCG: Only 10% Of Companies Measured Their Emissions Comprehensively In 2022
Limiting climate change to 1.5 degrees Celsius requires rapid reduction in emissions globally, and the removal of tens to hundreds of gigatons of CO2 by the end of this century, according to the Intergovernmental Panel on Climate Change (IPCC).
The technology platform of CarbonCapture offers unique modular hardware that can be mass-produced, as well as an open architecture that allows the optimization of sorbents in different climate settings.
CarbonCapture is currently working on its large DAC facility Project Bison, which is located in Wyoming. The carbon removal site will include a phased rollout plan to capture and store five million tons of CO2 from the atmosphere by the end of the decade.
“We’re extremely pleased to be working closely with BCG,” said Adrian Corless, CarbonCapture’s CEO and CTO. “They’re not only providing exceptional thought leadership in the sustainability and carbon removal space, they’ve also stepped up and shown their commitment to the DAC industry by making a major purchase of carbon removal credits.”
Read more: CarbonCapture Inc Launches 5 Million Ton/Year Direct Air Capture Project
