New partnership expands global accessibility of high-quality, permanent carbon dioxide removal
LONDON, United Kingdom and SQUAMISH, British Columbia, July 06, 2021 (GLOBE NEWSWIRE) –
- Carbon Engineering and BeZero Carbon join forces to offer a new retail option for customers seeking to address their carbon footprint through Direct Air Capture technology
- BeZero’s Carbon Rating Framework gives customers an additional tool to assess the quality of available solutions, with Direct Air Capture the only AAA+ top-rated solution.
A new carbon removal service is now available for customers seeking high-quality, permanent solutions to add to their net zero portfolios. Carbon Engineering (CE), a leading provider of Direct Air Capture (DAC) technology that captures carbon dioxide out of the atmosphere, and BeZero Carbon (BeZero), a London-based Climate Asset and Liability Management solutions provider, have joined forces to deliver the new retail offering.
Customers can now access BeZero’s platform to pre-purchase the permanent removal of carbon dioxide from the atmosphere using CE’s large-scale DAC technology.
BeZero has pre-purchased an initial quantity of carbon removal capacity for its customers to buy either as part of a bundle of solutions or as individual DAC removal units. Further purchases are expected to follow in line with demand. This is the first time CE’s carbon removal service is available for purchase in small quantities, making this large-scale and high-integrity solution accessible to all.
To bring greater transparency and quality assessment to solutions available in the market, BeZero’s platform also gives customers access to their innovative BeZero Carbon Rating (BCR) Framework.
The BCR provides participants in the voluntary offset market with an evidence-based, risk assessment of the efficacy of industry accredited carbon removal and offset solutions. It does this by assigning ratings that span AAA+ to A, taking a number of risk factors into consideration, including permanence, additionality, and over-crediting. CE’s DAC technology is the only solution to qualify for an AAA+ rating.
“Customers in the voluntary carbon market, who are freely choosing to address their carbon emissions, are playing a key role in accelerating the build out of climate infrastructure,” said Steve Oldham, CE’s CEO. “Across the world, companies are looking for high-integrity solutions to add to their sustainability portfolios and are increasingly seeking to include permanent carbon removal in their net zero plans. We appreciate BeZero’s innovative, science-based efforts to bring clarity and transparency to the industry and welcome them as a retailer for our permanent carbon removal service.”
Carbon dioxide removal through DAC and geological storage delivers the physical removal of carbon dioxide from the air, reversing the emissions process. By decoupling the capture of carbon dioxide from the source of the emission, it can be used to eliminate any carbon dioxide emission, from anywhere in the world and any point in time. This provides customers with an effective tool to address their most difficult sources of emissions, as well as a reliable way to remove their emissions from the past.
Each of CE’s DAC facilities can be built to capture one million tonnes of carbon dioxide every year, equivalent to the work of 40 million trees. The first commercial facility to utilise CE’s technology is being developed in the US by 1PointFive, with construction expected to begin in 2022 and start-up in late 2024. When fully operational, it will be the world’s first million-tonne DAC plant. In addition, preliminary engineering of a large-scale facility in the UK has also commenced, in partnership with Storegga.
“We believe not all carbon credits are created equal,” said BeZero’s Co-Founder and CEO Tommy Ricketts. “CE’s AAA+ rated removal solution is the best carbon credit we have rated across the entire voluntary market. It is precisely the type of high-integrity, measurable, and verifiable option customers need to address their carbon footprint. Making it available in any size, also means it is now accessible to buyers of all budgets – a first for both CE and BeZero.”
“CE’s DAC technology is the future of climate action, and we believe the offset market can play an important role in financing it,” said Sebastien Cross, Co-Founder at BeZero. “We are especially excited to have used the BeZero Carbon Rating to design the world’s first premium nature-based and technology removals basket for clients.”
BeZero’s customers can pre-purchase DAC removal units that capture carbon dioxide directly from the atmosphere and permanently store it through geological sequestration. Alternatively, customers can choose to purchase BeZero’s ten-tonne premium removal basket that blends one DAC removal unit with an optimised portfolio of additional removal solutions that uphold a minimum AA+ rating. This bundled approach reflects the broader need for an all-of-the-above, affordable approach to climate mitigation in which DAC-based carbon removal is a critical and complementary tool when used alongside a portfolio of highly effective carbon reduction and removal solutions.
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About BeZero Carbon:
BeZero Carbon is a London-based Climate Asset and Liability Management (C·A·L·M) solutions business launched in April, 2020. BeZero offers an integrated hub of data, products, and services for the entire climate economy: decarbonisation, offsetting, and natural capital. The BeZero team combines experienced professionals across earth sciences, economics, engineering, & technology. Our focus is on helping organisations adapt to & prosper in a low carbon future by taking a systematic approach to systematic change.
About Carbon Engineering:
Founded in 2009, Carbon Engineering (CE) is a Canadian-based clean energy company. CE is focused on the global deployment of megaton-scale Direct Air Capture (DAC) technology that captures carbon dioxide (CO₂) out of the atmosphere so it can be permanently stored deep underground or used to produce clean, affordable transportation fuels. From a pilot plant in British Columbia, CE has been capturing CO₂ from the atmosphere since 2015 and converting it into fuels since 2017.
Today, with its partner, 1PointFive, CE is engineering a large-scale, commercial DAC facility in the US that will capture one million tonnes of CO₂ per year, equivalent to the work of 40 million trees. In the UK, with UK partner Storegga, it has also begun engineering and design of a facility that will permanently remove between 500,000 and one million tonnes of CO2 each year. More information can be found at carbonengineering.com.