UBS has signed a 10-year carbon removal agreement with one direct air capture company Climeworks.
After earlier purchases from Square Inc., Klarna, Stripe, LGT, and Verdane, UBS is the latest and biggest financial services firm to commit to Climeworks’ carbon removal technology.
Powered by renewable energy, Climeworks’ direct air capture plants capture carbon dioxide from the air and pump it deep underground, where it reacts significantly with the basaltic rock formations and minerals.
Apart from Climeworks, UBS is also partnering with neustark, which is another Swiss carbon capture company that removes carbon dioxide from the atmosphere and stores it in concrete. The president of UBS Switzerland, Sabine Keller-Busse, stated:
“Sustainability continues to be at the top of our clients’ agendas and, to be a credible partner, we must demonstrate our continued commitment when it comes to the sustainability of our business activities.”
UBS in April joined the Green Software Foundation as a steering member, joining Accenture, GitHub, Goldman Sachs, Microsoft, and ThoughtWorks, to explore ways where it can reduce the emissions linked with its huge technology estate as part of its efforts to reach net zero by 2050.