British Airways struck a momentous deal with CUR8, committing to buy 33,000 tonnes of carbon removals credits.
The deal, worth $11 million, covers a period of 6 years, during which CUR8 will manage a portfolio of carbon removal projects for British Airways. This agreement turned the airline into the largest carbon removal buyer in the aviation industry and the biggest purchaser in the UK.
The selected portfolio of projects includes storing emissions generated at a Scottish whiskey distillery into building materials, biochar initiatives based in India, Welsh Sequoia tree reforestation credits, and innovative ocean and river projects in North America.
Acknowledging the important role of carbon removal in the aviation industry’s transition towards sustainability, British Airways made this investment as part of their plan for reaching net zero by 2050, attempting to accelerate action by 2030.
As part of this vision for the future, the airline projects that about one third of this goal will be achieved through carbon removals, while the rest will be obtained through aircraft and operations optimization, as well as with the implementation of sustainable aviation fuels.
CUR8, an established CO2 removal procurement and management platform, will employ their setup of specialized services to provide British Airways with access to the highest-quality durable carbon removal from around the world.
As part of the agreement, the UK-based platform will also provide the airline with its proprietary Credit Management Platform, bringing an extra layer of certainty in the outcome of the selected removal projects.
Relevant: CUR8, Standard Chartered And Partners Close Innovative Carbon Removal Deal
In a statement, Carrie Harris, Director of Sustainability at British Airways, pointed out that the company is aware of their effect on the environment, and they are taking bold and effective action to counteract it.
“There is no pathway to net zero for aviation without carbon removals,” she added.
Staying true to this scenario, British Airways also partnered with Climeworks, investing in its direct air capture (DAC) carbon removal technology.
While the initial purchase with Climeworks is said to be for a small volume of credits, British Airways hopes that its investment in the carbon removal market will trigger more transactions of the same kind, stimulating growth in this climate-relevant sector.
Read more: British Airways Now Offers Carbon Removals For Its Passengers
