Swiss Re founding buyer in NextGen CDR Facility to dramatically scale up carbon removal technologies

●  Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS team up to purchase technological carbon removals from 2022

●  The NextGen CDR Facility will bring together climate leaders from across industries and geographies to scale up high-quality removals today

Swiss Re is one of five leading companies from across Asia, Europe, and North America that announced their plan to join the NextGen CDR Facility (NextGen) as founding buyers to dramatically scale up carbon removal technologies and catalyze the market for high-quality carbon removals. Founding buyers in NextGen also include Boston Consulting Group, LGT, Mitsui O.S.K. Lines, and UBS.

The establishment of NextGen follows last year's announcement by South Pole, recently approved as an Implementing  Partner  of  the  First  Movers  Coalition  (FMC),  and its  development  was  strongly influenced by the Carbon Removal Climate Action Group of the World Economic Forum Alliance of CEO Climate Leaders. The FMC, a partnership between the U.S. State Department’s U.S. Special Presidential Envoy for Climate and the World Economic Forum, is an ambitious alliance of companies harnessing their purchasing power to create early markets for innovative climate technologies.

As a first step, NextGen plans to commit to the purchase of over one million tonnes of verified carbon dioxide removals (CDRs) from projects generated from a range of technologies by 2025, with verified CDRs to be delivered by 2030. Companies joining the facility are making an immediate impact by providing the financial mechanisms to scale up high-quality solutions that aim to meet robust industry standards set by the International Carbon Reduction & Offsetting Alliance (ICROA).

"One of the ambitions of the World Economic Forum Alliance of CEO Climate Leaders is to support its members in accessing the nascent market for high-quality technological carbon removal. In NextGen we have found the ideal implementation partner to collectively source verified removals from a broad range of suppliers, technologies and geographies. I'm delighted that Swiss Re joins forces with the fellow NextGen participants in helping to accelerate the net-zero transition," says Christian Mumenthaler, Swiss Re Group Chief Executive Officer and Co-Chair of the World Economic Forum Alliance of CEO Climate Leaders.

Press Release - Facility for technical carbon removals being launched by major corporations