Climeworks has partnered up with Boston Consulting Group to help it scale up its carbon capture activities, especially direct air capture (DAC) technology.
In addition, as part of the agreement, BCG will also purchase the company’s carbon capture services in order to offset its own emissions and achieve carbon neutrality by 2030.
The win-win partnership will not only benefit both sides, as was pointed out by BCG’s head of Switzerland Joachim Stephan in his statement.
It will also have a global impact, as the results of the joint effort will see a broaders adoption of Climeworks’ services, thus helping tackle the climate crisis on a larger scale.
The Swiss start-up Climeworks AG has already made significant progress in that direction with the launch of the world’s largest direct air carbon dioxide capture and storage (CCS) plant in Iceland.
The plant has the capacity to suck 4,000 metric tons of CO2 from the atmosphere per year.
And while the cost of this technology is still very high, developers are hopeful prices will be driven down over time as more consumers and businesses start looking to reduce their emissions.
This upscaling of technologies of companies like Climeworks can be advanced with the help of professionals like Boston Consulting, who are already engaged in a similar initiative with Spanish energy company Repsol.