The Mercedes-AMG PETRONAS F1 Team has announced a major expansion of its portfolio of global carbon dioxide removal (CDR) investments, choosing to support seven new projects across different CO2 removal pathways.
As shared in the announcement, the new investments will go towards projects centered around Direct Air Capture (DAC), Biomass Storage, Bioenergy with Carbon Capture and Storage (BECCS), Biochar, Ocean Alkalinity Enhancement (OAE), and Enhanced Rock Weathering (ERW).
With this move, the team has now allocated means for a total of approximately 18,900 tCO2e of nature-based, engineered, and hybrid CDR projects across the whole portfolio, advancing towards its Race Team Control Net Zero by 2030 goal.
The Mercedes-AMG PETRONAS F1 Team portfolio of carbon removals focuses on projects in regions such as Brazil, Canada, the United States, the United Kingdom, Denmark, and India, looking to introduce social and environmental benefits in the areas in which the team competes.
Besides the newly selected seven projects, the portfolio also includes previous and planned investments in Frontier, Chestnut Carbon, and regenerative agriculture from 2024 onwards.
The now expanded CDR portfolio will be curated and delivered by carbon removal marketplace CUR8, ensuring projects have been rigorously evaluated and verified and are operating towards reliable deliveries.
By investing in carbon removals, the Mercedes-AMG PETRONAS F1 Team aims to address the portion of CO2 emissions that will remain after the company’s emissions reduction measures.
Simultaneously, by supporting CDR technologies, the team is fueling the development of these emerging climate solutions, sharing this ambition with its Team Partners including Signify, UBS, and Nasdaq, and recognizing the immense catalyzing impact of other industry leaders, such as Microsoft and Meta AI.
Relevant: Mercedes F1 Team Unveils Investments In Carbon Removal Initiatives
During a speech at Economist Impact’s Sustainability Week, Alice Ashpitel, Head of Sustainability at Mercedes-AMG PETRONAS F1 Team, said:
“Emissions reduction remains our priority, and high-quality carbon removals are essential for tackling the residual emissions that remain. By investing early across a diverse set of technologies and regions, we’re contributing to upscaling durable climate solutions while supporting the communities and environments in which we race.”
“As a team, we are determined to engineer change on and off the track, so I’m proud to see our ambitious portfolio aiming to deliver meaningful impact far beyond our world.”
Read more: The Mercedes Formula 1 Team Invest In Forestry CDR Credits By Chestnut Carbon
