Climeworks unveiled the creation of a new market mechanism late last year, through which companies can offset their emissions by paying Climeworks to remove an equivalent amount of CO2 emissions from the atmosphere using its Direct Air Capture (DAC) technology. Unlike traditional offsetting schemes that essentially trade pollution rights, the Climeworks solution involves the direct removal of the same amount of emissions from the atmosphere as the customer is creating.
Once captured, the CO2 is then stored underground in Iceland via the company's 'CarbFix' process. Climeworks opened its Icelandic pilot CCS facility in partnership with utility company Reykjavik Energy last October.
Sited at an existing geothermal power plant, the system draws in ambient air, separates out the pure CO2 using a specially designed filter and pipes it more than 700 metres underground where it reacts with the basaltic bedrock to form solid minerals.
Climeworks, which also opened a commercial carbon capture plant in Zurich last May, aims to filter 1 pct of global CO2 emissions by 2025.
(Source: Climeworks, BusinessGreen, Feb., 2018)
Contact: Climeworks, Christoph Gebald, CEO, +41 44 533 2999, www.climeworks.com; Reykjavik Energy, Edda Sif Aradottir, CarbFix Project Leader , www.or.is/en
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