This November, COP26 once again demonstrated the private sector’s vital role in the fight against climate change.
To truly achieve net-zero emissions, in addition to drastic emissions reduction, removing CO2 is needed to both neutralize any unavoidable emissions and to remove excess CO2 from the atmosphere. For this purpose, companies with net zero carbon commitments increasingly adopt high-quality carbon dioxide removal solutions to neutralize their residual emissions. Early adopters are increasing the market demand, which helps to drive down long-term costs and increase future production for large-scale removal operations.
Square commits to long-term carbon removal with Climeworks
As part of its commitment to become net zero carbon for operations by 2030, Square, Inc. has signed a nine-year carbon removal agreement with direct air capture leader Climeworks, who will permanently remove 2,000 tons of CO2 from the air on their behalf. Such long-term agreements are mutually beneficial for both parties, as Climeworks can more accurately project future revenue which assists in accelerating growth planning, while Square is able to assure it has access and price certainty for its long-term carbon removal needs.
To achieve Square’s goal of becoming net zero for operations, the company is actively reducing its own carbon footprint and pairing this with a growing portfolio of verified carbon removal. Climeworks is its first partner for direct air capture, a technological carbon removal solution that Climeworks is pioneering. As part of this, Watershed became one of Square's key sustainability partners, helping them to measure their footprint and build a strategy to reduce and remove their carbon emissions. Like Square, Watershed helps scale the market for permanent carbon removal by working with Climeworks and other carbon removal technologies.
About Climeworks’ direct air capture and storage technology
Powered solely by renewable energy, Climeworks’ direct air capture plants capture CO2 from the air. In Iceland, Climeworks’ storage partner Carbfix mixes the CO2 with water and pumps it deep underground where it reacts with the basaltic rock formations and mineralizes: the CO2 literally turns into stone. Climeworks’ technology is scalable and does not compete with arable land. This September, Climeworks launched its new large-scale direct air capture and storage plant “Orca” in Iceland, bringing large-scale direct air capture technology to reality.
“Square’s long-term commitment to remove unavoidable CO2 emissions with Climeworks shows that the financial services industry is a frontrunner in the scale-up of the carbon dioxide removal market, and we are excited to start this journey with Square.”
Christoph Gebald, co-CEO and co-founder of Climeworks
“We’re thrilled to partner with Climeworks as an important long-term ally in our path to net zero. Early and long-term adoption of this technology is investing in a future of affordable and large-scale removal which is an essential component to helping mitigate the future negative externalities of climate change.”
Neil Jorgensen, Global ESG Lead of Square, Inc.