NextGen CDR purchases CO2 removed by Neustark

24 April 2024 12:10

Greater Geneva Bern

Bern/Zurich - Over the next few years, NextGen CDR will acquire CO2 that has been captured from the air and permanently stored in construction materials (carbon dioxide removal – CDR) at 18 sites operated by Bern-based climate tech company Neustark. The CDR alliance includes Mitsubishi, South Pole, UBS and SwissRe.

Neustark will provide NextGen CDR with high-quality, durable carbon dioxide removal from the atmosphere over the coming years. According to a press release, the two companies have signed a multi-year agreement to this effect.

Neustark captures the CO2 at its sites in Switzerland, Germany, Liechtenstein, France, the UK and other European countries. The Bern-based climate tech company has developed a novel process that enables biogenic CO2 to be captured at point source.

“We turn the world’s largest waste stream – demolition concrete – and other mineral waste material into carbon sinks,” explains Lisa Braune, Head of CDR at Neustark. “Partnering with carbon removal pioneers such as NextGen crucially helps to scale the CDR industry.”

According to Neustark, it has already removed 1,500 tons of CO2 from the atmosphere. It is also ranked in the top 10 for CDR sales worldwide, with almost 120,000 tons of high-quality carbon removal sold to various organizations.

NextGen CDR says the international alliance was “specifically designed for corporate buyers committed to Net Zero targets, making permanent, high-quality CDRs accessible at a target price of $200/ton.” It is led by Zurich climate consultancy firm South Pole and the Mitsubishi Corporation, with support from the Boston Consulting Group, the Liechtenstein-based LGT Group, Tokyo shipping company Mitsui O.S.K. Lines, Zurich reinsurance company Swiss Re and major bank UBS. NextGen CDR plans to purchase a total of 1 million tons of CDR by 2025. ce/mm

 

Swiss Pavilion Digital

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