Swiss Re signs world’s first ten-year DAC contract with Climeworks
$10mn contract and strategic partnership aims to improve fundability of large-scale DAC
Reinsurance giant Swiss Re has signed the world’s first ten-year carbon removal contract worth $10mn with Swiss direct air capture (DAC) startup Climeworks. The companies will also collaborate on developing risk management and risk transfer solutions for DAC projects, which could accelerate the nascent sector’s commercialisation and growth. Climeworks’ technology dissolves CO₂ into water, which is then pumped underground, reacting with surrounding basalt rock to form carbonate minerals. However, this process costs “several hundred dollars” per tCO₂ removed, making it one of the more expensive carbon capture solutions, according to Swiss Re. The strategic partnership aims to improve the funda

Also in this section
22 July 2025
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
22 July 2025
Africa’s most populous nation puts cap-and-trade and voluntary markets at the centre of its emerging strategy to achieve net zero by 2060
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30