Boston Consulting Group (BCG) is the latest company to sign a carbon dioxide removal agreement with 1PointFive, which is currently constructing Stratos, the largest Direct Air Capture (DAC) facility in the world.
David Webb, BCG’s chief sustainability officer, said, “Over the past year, BCG has already supported 1PointFive in designing the required IT architecture needed for the Measurement Reporting and Verification (MRV) of Stratos. 1PointFive has become one of the leaders in the durable removals ecosystem and is a great fit for our DAC portfolio.”
DAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations.
There are 18 DAC facilities in operation around the world, which reportedly in total capture 0.01 million tonnes of CO₂ per year.
The Stratos facility is designed to capture up to 500,000 metric tons of CO₂ annually when fully operational, which is expected to be in 2025. It will employ more than 1,000 people during the construction phase and up to 75 once operational.
BCG has agreed to purchase 21,000 metric tons of carbon dioxide removal (CDR) credits from 1PointFive over three years.
Amazon, Airbus, All Nippon Airways, TD Bank Group, the Houston Astros, and the Houston Texans have also signed CO₂ removal credit purchase agreements.
Amy West, global head ESG Solutions, TD Securities, said, “As the need to move from climate commitments to action intensifies, corporations across all sectors are looking for tangible ways to achieve their net zero goals.”
Janice Farrell Jones, SVP, Sustainability and Corporate Citizenship at TD, added, “The transition to a low-carbon economy is complex, and relies on transformative action across sectors and economies, including the adoption of new technologies. Direct Air Capture holds enormous promise as a tool to drive progress on this journey and we are proud to play a role, helping to scale innovation and support this growing business opportunity.”
According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to remove 100-1000 gigatons of CO₂ from the atmosphere over the course of this century to keep global warming below the 1.5 degrees Celsius limit set by the Paris Climate Agreement.
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