Carbonfuture & Swiss Re sign agreement to support biochar carbon removal market
The signing of a multi-year purchase agreement between Carbonfuture and Swiss Re exemplifies how buyers can support carbon removal solutions that guarantee high quality standards.
The renewed partnership between one of the world's leading reinsurers and MRV platform and carbon removal credit marketplace Carbonfuture shows that managing risks in the carbon removal market is a priority for market participants. Strong demand signals for high quality solutions as the one offered by Carbonfuture will help ensure the integrity of the carbon removal industry as it grows as well as ultimately accelerate mainstream adoption of carbon removal towards reaching net zero.
To stand a chance of limiting global warming to 1.5°C, the world must reach net-zero CO₂ emissions by 2050. First and foremost, this requires drastic emission reductions followed by the active removal of gigatonnes of carbon dioxide from the atmosphere. To get there, stringent standards, transparent accounting methods, as well as high-quality monitoring, reporting and verification (MRV) are needed to ensure the integrity of the growing market.
Tom Spencer, Environmental Management Specialist at Swiss Re said: "Carbonfuture's sink-tracking technology, which keeps a record of where each bag of biochar is added to a carbon sink, ensures that buyers "know where the carbon is". This protects against the biochar being used for means other than carbon removal and was an important reason for Swiss Re to choose Carbonfuture as a supplier."
This forward-looking commitment between Swiss Re and Carbonfuture is among the largest biochar agreements ever signed and illustrates the relevance that trustworthy approaches to carbon removal credits can play and supports the development of climate technology at scale.
Hannes Junginger-Gestrich, CEO at Carbonfuture said: "The partnership with Swiss Re is of vital importance to Carbonfuture: Their multi-year commitment once again sends a strong signal emphasizing that a transparent and impact-based climate solution is necessary to reach a higher credit quality at lower risk, and ultimately scale climate action to stay within the limits laid out by the Paris Agreement. "