Climeworks and Terraset have partnered to leverage philanthropy on their journey to accelerate the deployment of carbon removal solutions.
Non-profit organization Terraset pools capital via donations to support the development of carbon removal initiatives. With this new partnership, Terraset users can now make tax-deductible donations to support the work of Climeworks.
A true trailblazer in the carbon removal industry, Climeworks develops large-scale direct air capture plants. The captured CO2 then gets permanently stored underground with the help of the technology developed by Carbfix.
Ever since its launch in 2009, the company is on a mission to reach a gigaton removal capacity.
Acting on this ambitious commitment, in 2021 Climeworks launched Project Orca in Iceland, a facility that aims to remove 2,600 tonnes of CO2 equivalent annually. Recently, this project received a notable AAA rating from BeZero Carbon, a classification that testifies to the effectiveness of the work being carried out at the site.
Earlier this year, Climeworks launched operations at Project Mammoth, their second and largest project that has the colossal capacity of capturing and permanently sequestering around 36,000 tons of CO2 annually, making it the world’s largest operational direct air capture and storage plant.
The carbon removal industry is set to play a vital role in achieving global net zero targets, but it still lacks significant funding in order for its efforts to have a climate-relevant effect.
Realizing the untapped financing potential of the philanthropic sphere, a market that is projected to exceed a trillion dollars globally in the next few years, Terraset set out to bridge the gap between carbon removal initiatives and donors who can contribute and support these crucial projects.
Relevant: Climeworks Orca First DAC Project To Receive BeZero AAA Rating
Terraset now accepts donations towards the work of Climeworks from donors located in the U.S., as well as via partnerships in Canada and the United Kingdom.
The two partnering organizations are hopeful that this streamlined process for donating and directly supporting carbon removal initiatives will spark widespread support, ultimately resulting in impactful climate action.
Read more: Climeworks’ Next Scale-Up Plant Mammoth Is Now Switched On
