WASHINGTON (dpa-AFX) - Swiss Re Group (SSREY.PK) announced Wednesday that it is partnering with Climeworks, a specialist in carbon dioxide air capture technology, to combat climate change.
The companies signed the world's first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth $10 million over ten years.
Swiss Re said the collaboration marks a milestone towards its goal of reaching net-zero emissions in its own operations by 2030.
The companies also agreed to collaborate on developing risk management knowledge and risk transfer solutions, as well as to explore future investment and project finance opportunities.
Climeworks works to reverse climate change by permanently removing carbon dioxide from the air.
Climeworks' technological carbon removal solution offered in Iceland filters carbon dioxide or CO2 from ambient air using geothermal energy. The captured CO2 is then sent for permanent storage in nearby rock layers. It is dissolved in water and pumped deep underground, where it reacts naturally with the surrounding basalt rock to form stable carbonate minerals - the CO2 literally turns into stone.
According to the companies, this is considered the safest, most durable form of all carbon removal solutions that are commercially available at present.
Swiss Re noted that it has committed to achieve net-zero emissions in its insurance and investment business by 2050, and in its own operations already by 2030.
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