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UBS signs 10-year carbon capture deal with Climeworks

UBS signs 10-year carbon capture deal with Climeworks

UBS has signed a ten-year carbon removal agreement with direct air capture firm Climeworks.

Following earlier purchases from Stripe, Klarna, Square Inc., LGT and Verdane, UBS is the latest and largest financial services company to commit to Climeworks’ carbon removal technology.

Powered by renewable energy, Climeworks’ direct air capture plants capture CO2 from the air and pump it deep undergound, where it reacts with the basaltic rock formations and mineralies.

In addition to Climeworks, UBS is also partnering with neustark, another Swiss carbon capture firm which removes CO2 from the atmosphere and stores it in concrete .

Sabine Keller-Busse, president UBS Switzerland, says: "Sustainability continues to be at the top of our clients' agendas and, in order to be a credible partner, it is important that we demonstrate our continued commitment when it comes to the sustainability of our own business activities."

UBS in April joined the Green Software Foundation as a steering member, joining Goldman Sachs and tech giants Microsoft, Accenture, GitHub and ThoughtWorks, to explore ways in which it can reduce the emissions associated with its large technology estate as part of its push to hit net zero by 2050.

Finextra recently announced its fifth Sustainable Finance Live conference and hackathon, scheduled to take place on 29 November. For more information and to register for this event, please visit the event page here.

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