Standard Chartered : New deal demonstrates opportunity to scale finance for carbon removals
Summary
Standard Chartered, British Airways, CUR8, CFC, WTW and UNDO now call for a step-change in efforts to scale the market for carbon removals, which requires billions of dollars of private capital to flow towards high-quality projects.London - Standard Chartered, British Airways, CUR8, CFC and WTW today announce the completion of a global first transaction to unlock finance for UNDO, a UK-founded carbon removal project developer specialising in enhanced rock weathering. With this first-of-a-kind transaction, we want to demonstrate that financing not only makes carbon removal more affordable, but also reduces buyer delivery risk, which stands to drive demand and scale this industry at the rate that it needs to. "George Beattie, Head of Innovation, CFC, said: "It is clear that the private sector has a vital role to play in helping achieve our climate goals, with the IMF estimating the world will need to invest $2 trillion annually into carbon removal to reach net zero by 2050. "Jim Mann, Founder and CEO, UNDO, said: "Enhanced rock weathering represents one of the most robust carbon dioxide removal solutions available today because it is permanent, highly scalable, and provides a host of co-benefits. By carefully procuring projects from selected global suppliers across the spectrum of nature and technology, including high-quality afforestation, durable soil carbon, biochar, enhanced weathering and direct air capture, CUR8 is supporting new startups and methods that will make a difference to the climate crisis.