● Climeworks will remove Rothesay’s expected residual emissions for this entire decade, making the insurer’s own operations over the next ten years net zero by 2030.
● The agreement is another proof of companies’ increasing interest in securing long-term access to high-quality carbon removals: it is the fourth ten-year agreement for Climeworks within six months.
● With this agreement Rothesay deliberately took the decision to move their net zero strategy towards 100% high-quality carbon removals via Climeworks’ direct air capture and storage after a rigorous selection process.
Rothesay takes action to agree high-quality carbon removal with Climeworks
Long-term agreements like this ten-year agreement are crucial to help scale the market for carbon removal as it gives both sides planning security. Climeworks can better leverage market demand impact, while Rothesay secures longer-term access to carbon removal capacity, which is crucial since the availability of high-quality removals is scarce.
Rothesay is the first UK insurance company choosing Climeworks’ carbon dioxide removal service after a rigorous selection process. The insurer selected Climeworks because its carbon removal can be accurately measured and is characterized by the strongest standards of additionality and permanence while avoiding social and environmental harms.
“Rothesay is delighted to partner with Climeworks to remove the CO2 produced by the day-to-day running of our business. As part of Our Pathway to Net Zero, we have conducted rigorous due diligence on our carbon removal options and have chosen Climeworks because its ground-breaking technology allows us to measurably neutralize the environmental impact of our operations. Like Rothesay, Climeworks is an innovative, purpose-built company that is delivering highly effective solutions for its clients and we look forward to a long-term partnership.”, says David Land, Rothesay’s Head of Investment Strategy and chair of its Climate Change Working Group.
About Climeworks’ direct air capture and storage technology
About Rothesay’s Pathway to Net Zero
In addition to the collaboration with Climeworks, Rothesay has also worked with Natural Capital Partners to both verify its direct emissions and purchase sufficient carbon offset credits, verified by Gold Standard and VERRA, to more than compensate for its historic direct emissions from the year 2020. In recognition of this, the insurer has received CarbonNeutral® company certification in accordance with The CarbonNeutral Protocol, a service of Natural Capital Partners, for the year 2020.
Press Officer at Climeworks
Press & Communications Specialist at Climeworks