Zurich Insurance Group has announced an agreement with Wales-based Nellie Technologies for the purchase of carbon dioxide removal certificates (CORCs) verified under the Puro Standard.
Under this agreement, Nellie will deliver the CORCs through its carbon dioxide removal (CDR) activities for a period of at least five years, transferring an increasing number of certificates each year.
This effort will address the residual emissions of Zurich Insurance Group, as the company focuses on mitigating its emissions and reaching net-zero goals.
On the other hand, this deal will provide Nellie Technologies with a financial boost that will support the scaling of operations as the company advances the progress of its existing pilot site and enhances the capacity for effective atmospheric CDR.
Founded in 2022, the innovative carbon removal company has created a bioengineered, modular CDR technology that is scalable and suitable for any geographic location.
Using its proprietary photobioreactors (PBR) and patented growth systems, Nellie generates microalgal biomass that gets processed into biochar and biofertilizer for agricultural use in the UK.
This process enables the company to permanently sequester CO2, generating carbon dioxide removal certificates for sale in the voluntary and compliance carbon markets.
According to Nellie’s founder and CEO, Stephen Milburn, this deal with Zurich Insurance both validates the company’s vision for scaling systems and it provides funding that is vital for expanding operations.
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Looking ahead, Stephen Milburn comments, “Over the next years, we will transition from pilot operations to full-scale carbon dioxide removal deployment, helping deliver societal and economic co-benefits inherent to our business model.”
As a global insurer and risk manager that recognizes the urgency of climate action, Zurich Insurance has committed to supporting climate solutions as part of its elaborate net-zero transition plan.
Commenting on this agreement with Nellie, Chris Minter, Sustainable Supply Chain Lead at Zurich Insurance, shared, “We are backing a range of innovative carbon removal solutions, and we are delighted to finalize this multi-year contract after thorough due diligence.”
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