Boston Consulting Group (BCG) on Wednesday announced a partnership with CarbonCapture to purchase atmospheric carbon dioxide removal services, as well as to provide business strategy consulting to CarbonCapture.
The 40,000-ton carbon removal agreement will span a five-year period and will support BCG’s commitment to achieve net-zero emissions by 2030. In contrast to carbon neutrality, which uses carbon offset credits, net-zero requires the usage of carbon removal solutions.
BCG’s agreement with CarbonCapture represents the second-largest publicly announced global direct air capture (DAC) offtake deal by volume, and the largest in the professional services industry.
“Carbon dioxide removal is critical to achieve net zero emissions globally, and DAC is a very promising technology,” said David Webb, BCG’s chief sustainability officer. “Rapid innovation and scaling are needed to help reach its future potential. This requires early investment and long-term corporate commitments today. BCG is committed to this effort, and we are pleased to partner with CarbonCapture to make it happen.”
Achieving the Paris Agreement’s target of limiting global warming to 1.5 degrees Celsius requires a massive reduction in global emissions and the removal of hundreds of gigatons of carbon dioxide by 2100. Investment is required now to grow the carbon removal market and scale and drive costs down for the long term.
Headquartered in Los Angeles, CarbonCapture’s machines capture atmospheric CO2 for permanent removal or use in synthetic fuels, concrete, and other industrial products. Its platform features modular hardware that can be mass produced, as well as open architecture to optimize across different climates.
CarbonCapture is currently developing Project Bison, a large DAC facility in Wyoming that plans to capture five million tons of atmospheric carbon dioxide annually by 2030.
“We’re extremely pleased to be working closely with BCG,” said Adrian Corless, CarbonCapture’s CEO and CTO. “They’re not only providing exceptional thought leadership in the sustainability and carbon removal space, they’ve also stepped up and shown their commitment to the DAC industry by making a major purchase of carbon removal credits.”
BCG in 2021 launched a beefed-up global climate and sustainability practice.
Sourced from Consultancy.us