Major CDR projects secure offtakers in landmark deal

Corporate buyers including UBS and Swiss Re commit to buy carbon dioxide removals in boost for emerging sector

Three of the largest technology-based carbon dioxide removal (CDR) projects have secured contracts in a landmark deal brokered by Nextgen, a joint venture between climate project developer South Pole and Japanese conglomerate Mitsubishi. Under the deal, Swiss investment bank UBS and reinsurance firm Swiss Re are among a group of companies committing to buy a total of 193,125t of CDRs—equivalent to about a quarter of all CDR purchases to date—in a boost for the sector as it seeks investment to scale up and reduce costs. Under the deal, all CDRs will be certified by industry accreditation programme Icroa in a move designed to establish the best practice for the market. $200/t – Nextgen’s