Swiss Re, one of the world’s top reinsurers, has signed a fresh multi-year deal with carbon removal platform Carbonfuture.
At more than 17,000 tonnes, it is one of the largest CDR deals of its kind to date by volume.This move is seen as a real vote of confidence in the carbon removal market, and a signal that trust and integrity are of paramount importance to companies when it comes to participation in the sector. Theplatform prioritizes transparency and accountability, and aims to eliminate the risks that can be associated with this emerging market.
For individual companies to reach net-zero emissions, they must both reduce their carbon emissions and participate in effective carbon dioxide removal solutions. Unfortunately, many carbon offsetting and carbon credit projects and methods have been mired in controversy, with bad actors engaging in practices that are ineffective at best and fraudulent at worst. This is the problem that Carbonfuture is solving.
In order to be trusted, the carbon removal market needs to meet the highest standards of monitoring, reporting and verification . Adhering to very strict controls, using the most transparent accounting methods, and fully tracking the carbon journey are all of paramount importance.is fully committed to these processes, and its approach is precise, transparent and verifiable. It is for these reasons that Swiss Re has chosen to renew its commitment over a multi-year deal.
Tom Spencer, Environmental Management Specialist at Swiss Re, detailed the company’s position in a statement: “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.
The carbon removal industry needs to grow at scale and become a mainstream practice if we are to reach net zero by 2050. This can only happen if there is integrity in the industry, and Carbonfuture is a key leader in this regard. The company
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