Carbon removal credit market Carbonfuture announced yesterday the renewal of an agreement with reinsurance giant Swiss Re. The commitment from the Swiss company is understood to be one of the largest deals involving biochar, which has emerged as one of the leading carbon removal methods in 2022.
The deal is also confirmation of the reliability of Carbonfuture’s focus on monitoring, reporting and verification (MRV) for removing CO2 with biochar.
Biochar seems to be among the highest priorities for the company. Earlier this year it announced a partnership with decarbonization consultants South Pole to scale activities in this direction.
Tom Spencer, Environmental Management Specialist at Swiss Re commented on the news by saying: “Carbonfuture’s sink-tracking technology, which keeps a record of where each bag of biochar is added to a carbon sink, ensures that buyers “know where the carbon is”. This protects against the biochar being used for means other than carbon removal and was an important reason for Swiss Re to choose Carbonfuture as a supplier.”
Hannes Junginger-Gestrich, CEO at Carbonfuture: “The partnership with Swiss Re is of vital importance to Carbonfuture: Their multi-year commitment once again sends a strong signal emphasizing that a transparent and impact-based climate solution is necessary to reach a higher credit quality at lower risk.”