Enhanced rock weathering (ERW)-focused carbon removing mission developer UNDO introduced that it has signed a brand new settlement with UK-based financial institution Barclays, to completely take away greater than 6,500 tonnes of CO2 from the ambiance utilizing an accelerated course of utilizing rocks and soil.
The brand new deal marks Barclays’ first-ever carbon removing settlement, coming after the financial institution not too long ago revealed that it has lowered its Scope 1 and a pair of emissions by 95% as of the tip of 2024. Barclays has set a objective to be a internet zero financial institution by 2050, with the financial institution noting that its technique is primarily targeted on decarbonizing essentially the most emissions-intensive areas of its operations.
Daniel Hanna, International Head of Sustainable and Transition Finance at Barclays, mentioned:
“Having lowered our Scope 1 and Scope 2 emissions by 95%, we’re complementing our core internet zero operations technique by investing in everlasting carbon removing. UNDO’s method to enhanced rock weathering gives the potential for a scalable answer to everlasting carbon removing, which is pioneering, and one we’re proud to assist by way of this landmark offtake.”
Based in 2022, London-based UNDO develops carbon removing initiatives primarily based on enhanced rock weathering. The corporate’s expertise accelerates the pure geological strategy of weathering by spreading crushed silicate rock onto agricultural land, the place crops and microbes within the soil velocity up the weathering course of, eradicating CO2, whereas concurrently enriching soil with important vitamins.
The corporate was not too long ago introduced as a $5 million winner within the XPRIZE Carbon Elimination competitors, geared toward catalyzing gigaton-scale carbon dioxide removing (CDR) options.
Beneath the brand new settlement, UNDO will unfold finely crushed silicate rock throughout 10,000 acres of farmland as a part of its mission in Ontario, Canada, with the rock capturing and storing CO2 in rainwater and soil because it naturally weathers, which is in the end transported to the oceans the place it’s saved for a whole bunch of 1000’s of years.
Jim Mann, Founder and CEO of UNDO, mentioned:
“This offtake is a robust vote of confidence in UNDO’s capability to scale quickly. With the backing of forward-thinking organisations like Barclays, we’re increasing enhanced rock weathering throughout farming communities, delivering measurable co-benefits comparable to stronger soils, more healthy crops and better yields. This landmark partnership validates the growth of probably the most impactful carbon removing options obtainable immediately.”
