Schneider Electric, a leader in energy and electrification advisory, services, and software solutions, has announced a new agreement with carbon removal solutions provider Climeworks to eliminate 31,000 tonnes of CO2 by 2039. This partnership will also focus on developing solutions to reduce the cost of Direct Air Capture (DAC) CO2 removal.
This deal represents Schneider Electric’s inaugural purchase of high-durability carbon removal, complementing its existing investments in nature-based carbon removal. The company has pledged to achieve net zero across its entire value chain by 2050, with a 90% reduction in CO2 emissions for Scope 1 and 2 by 2030. The carbon credits acquired will offset some of the residual emissions once these targets are met.
Esther Finidori, Chief Sustainability Officer at Schneider Electric, stated, “This agreement represents an important step in diversifying our carbon removal portfolio with high-durability solutions and adds to our carbon removal capabilities as we prepare for the journey to 2050.”
Climeworks, founded in Zurich in 2009, provides carbon removal solutions, including its proprietary DAC technology. The company operates the world’s first two DAC plants and has announced the launch of Climeworks Solutions in 2024. This service will offer companies customised, high-quality carbon removal portfolios, encompassing a variety of technologies and solutions such as afforestation, reforestation, biochar, bioenergy with carbon capture and storage, and enhanced rock weathering, alongside DAC.
The new offtake agreement includes three high-durability solutions capable of storing CO2 for thousands of years: Direct Air Capture and Storage, Bioenergy with Carbon Capture and Storage, and Enhanced Rock Weathering.
In addition to the offtake agreement, Schneider Electric and Climeworks have announced a collaboration aimed at enhancing energy efficiency and supporting the cost-reduction trajectory of Direct Air Capture technology.
Christoph Gebald, co-CEO and co-founder of Climeworks, commented, “Demand for solutions that can store CO2 permanently will only grow, making early access essential for forward-looking companies. Our collaboration will not only help to further accelerate the cost-reduction trajectory of Direct Air Capture, but also demonstrates that climate action and economic foresight go hand in hand—and carbon removal is where they meet.”
Finidori added, “Here’s an emerging industry, where early engagement catalyses the scale-up of a wide range of technologies and supports the path for Schneider Electric and others in the future. In Climeworks, we have found a partner with unparalleled history and know-how in the carbon removal industry, showing time and again what’s possible.”
