PwC Switzerland Signs Agreement with Climeworks to Remove Thousands of Tons of CO2
PwC Switzerland announced today a long-term contract with Direct Air Capture provider Climeworks to remove CO2 from the atmosphere, as part of the professional services firm’s strategy to achieve its climate targets.
The agreement forms part of PwC’s net-zero roadmap, its strategy to achieve net zero emissions by 2030. The global firm announced the net zero goal in 2020, and has had its targets validated by the Science Based Targets initiative (SBTi), including its commitments to reduce its absolute value chain emissions by 50% by 2030, including Scope 3, which consist primarily of travel-related emissions. Initiatives to reduce emissions have included switching to 100% renewable energy for electricity consumption, setting public transport as a preference, and installing sophisticated recycling systems at all PwC Switzerland locations.
The new 8-year agreement with Climeworks forms part of the company’s efforts to offset its residual emissions by actively removing thousands of tons of CO2 from the atmosphere.
Andreas Staubli, CEO of PwC, said:
“The climate issue has developed an enormous dynamic and shapes every aspect of the working world – both our own and those of our customers, suppliers and business partners. That is why we are intensifying our efforts to reduce CO2 today. At the same time, we are convinced that actively removing CO2 from the air must be an essential part of any net-zero portfolio.”
Zurich-based Climeworks has emerged as a leading Direct Air Capture (DAC) provider. DAC technology, listed by the IEA as a key carbon removal option in the transition to a net zero energy system, extracts CO2 directly from the atmosphere for use as a raw material or permanently removed when combined with storage.
Climeworks recently completed a $650 million capital raise aimed at supporting its DAC capacity expansion, and announced the launch of “Mammoth,” its largest project to date, with anticipated CO2 capture capacity of 36,000 tonnes per year.
The PwC deal marks the latest in a series of long-term agreements for Climeworks, including recent announcements with Microsoft, Swiss Re and UBS.