United States – Strategic management consulting firm Boston Consulting Group (BCG) has signed a ten-year agreement with Climeworks, a carbon dioxide removal technology leader (DAC).
Direct air capture and advanced decarbonization technology are two key components of this agreement, which BCG expects to sign several more of. BCG will purchase Climeworks’ carbon dioxide removal service to remove carbon dioxide from the atmosphere and store it permanently underground as part of the firm’s commitment to reach net-zero climate impact by 2030. Second, BCG will assist Climeworks in expanding the use of their services and scaling them up.
Climeworks’ DAC technology, which utilizes a mineralization process by Carbfix to store carbon dioxide underground in volcanic rock, is powered by 100 percent renewable energy. As a result, this method provides the most long-term solution currently available for removing carbon dioxide from the atmosphere. Reduced competition for arable land, reduced consumption of freshwater, and reduced environmental impact are all advantages of the DAC.
It is critical to achieve net zero global warming emissions by permanently removing carbon dioxide from the atmosphere on a large scale. By 2050, new research suggests that DAC could permanently remove 1.5 billion metric tons of CO2 from the atmosphere each year. It is estimated that today’s DAC capacity is 9,000 tons per year, according to data from the IEA. By establishing long-term partnerships with DAC leaders, BCG’s goal is to demonstrate the significant impact that DACs can have in enabling companies to achieve net-zero climate impact by helping to unlock meaningful DAC capacity.
