ImpactAlpha, May 10 — Carbon removal technology that captures CO2 from the air, coupled with permanent storage, will be key to decarbonization efforts, according to South Pole.
The Swiss climate project developer is aiming to procure at least $800 million worth of carbon removal credits by 2030 in a facility backed by Mitsubishi Corp.
With current carbon removal technology costs ranging from $50 to over $400 a ton, the Next Generation Carbon Removal Purchase Facility “will provide a secure revenue stream for new carbon removal technologies to accelerate their development,” says South Pole’s Patrick Burgi, who says the facility will “help drive down the price per ton of CO2 removed over time.”
Carbon pricing
Some global commodity traders and investors are expecting carbon pricing to reach $100 a ton this year, and trying to corner carbon inventory while prices are still low (see, “That feeling when investors realize carbon is going to $100 a ton sooner than they expected”).
