London-based digital business financial platform Tide has urged UK businesses to start a global carbon removal movement after achieving its net zero target using biochar carbon credits.
Last month, Tide became the first fintech in the world to remove 100% of its emissions by purchasing 3,711 tons of biochar carbon credits through the carbon removal platform Supercritical, the company said.
Biochar, which is used to sequester carbon dioxide and other greenhouse gas (GHG) emissions through a chemical reaction and store it away for 100+ years, is considered one of the safest, fastest, and most durable ways to draw down and store carbon by the Intergovernmental Panel on Climate Change (IPCC).
According to new research, cited by Tided, by 2050 around 1,300 times more CO2 removal from new technologies is needed in order to curb the rise of global temperatures to 2°C.
Relevant: Tide Removes 100% Of Emissions With Biochar Carbon Credits
Ian Sutherland, CFO and Head of Net Zero at Tide, highlighted durable carbon removals as an instant and effective way for businesses to manage their carbon emissions.
“To unlock a more sustainable future faster, we’re urging all UK businesses to kickstart a global carbon removal movement by taking full advantage of the innovative, yet underutilized marketplaces,” the executive said.
Carbon removal is one of Tide’s three pledges to become fully net zero by 2030 and support its small and medium-sized enterprise (SME) members to do the same.
The company has ensured transparency of its carbon removal purchases through CDR.fyi, the largest open registry on high-permanence carbon removal, and its carbon footprint assessment and supporting evidence have been verified by Carbon Footprint Ltd.
Additionally, Tide is a member of Bankers for Net Zero, alongside nonprofit IcebreakerOne, which is working on Project Perseus, a sustainability reporting solution backed by the UK government.
The project is aimed at facilitating access to capital for SMEs by automating their GHG reporting and creating a common framework for operational delivery.
Read more: “We Need The Carbon Removal Market To Scale To Withstand Demand Expected By 2050” – Bojana Bajzelj, Head of Climate, Supercritical