Energy and electrification advisory, services, and software solutions provider Schneider Electric announced today a new agreement with carbon removal solutions provider Climeworks to remove 31,000 tons of CO2 through a range of solutions by 2039, as well as a new collaboration on solutions aimed at bringing down the cost of Direct Air Capture (DAC) CO2 removal.
The deal marks Schneider Electric’s first purchase of high-durability carbon removal, complementing its existing investments in nature-based carbon removal. Schneider Electric has committed to becoming net zero across its entire value chain by 2050, and to achieve a 90% reduction of CO2 emissions for Scope 1 and 2, by 2030. The company said that the carbon credits will neutralize a portion of the estimated residual emissions once it achieves its target.
Esther Finidori, Chief Sustainability Officer at Schneider Electric, said:
“This agreement represents an important step in diversifying our carbon removal portfolio with high-durability solutions and adds to our carbon removal capabilities as we prepare for the journey to 2050.”
Founded in 2009, Zurich-based Climeworks provides carbon removal solutions for companies, including its own DAC technology, with the company operating the world’s first two DAC plants. In 2024, Climeworks announced the launch of Climeworks Solutions, a new service providing companies with tailored,high-quality carbon removal portfolios, spanning a broad range of carbon removal technologies and solutions, such as afforestation and reforestation, biochar, bioenergy with carbon capture and storage, and enhanced rock weathering, as well as DAC.
The new offtake agreement encompasses three high-durability solutions, which can each store CO2 for thousands of years, including Direct Air Capture and Storage, Bioenergy with Carbon Capture and Storage, and Enhanced Rock Weathering.
Alongside the offtake agreement, Schneider Electric and Climeworks also announced a new collaboration, targeting technology solutions aimed at enhancing energy efficiency and supporting the cost-reduction trajectory of Direct Air Capture.
Christoph Gebald, co-CEO and co-founder of Climeworks said:
“Demand for solutions that can store CO2 permanently will only grow, making early access essential for forward-looking companies. Our collaboration will not only help to further accelerate the cost-reduction trajectory of Direct Air Capture, but also demonstrates that climate action and economic foresight go hand in hand—and carbon removal is where they meet.”
Finidori added:
“Here’s an emerging industry, where early engagement catalyzes the scale-up of a wide range of technologies and supports the path for Schneider Electric and others in the future. In Climeworks, we have found a partner with unparalleled history and know-how in the carbon removal industry, showing time and again what’s possible.”
