UBS works with Climeworks and neustark
UBS has reached an agreement with the two Swiss cleantech companies Climeworks and neustark: over the next 13 years, they will permanently remove a total of 39,500 tons of CO2 from the atmosphere for the big bank.
UBS has entered into a long-term collaboration with Climeworks and neustark . According to the UBS press release , the two cleantech companies are to permanently remove a total of 39,500 tons of CO2 from the atmosphere for the bank. The agreement has a term of 13 years. It is intended to give Climeworks and neustark planning security and make a contribution to UBS's net-zero goal by 2025.
Both Climeworks and neustark are spin-offs from the Swiss Federal Institute of Technology in Zurich . Both are dedicated to permanently removing CO2 from the air, but with different methods.
Zurich-based Climeworks is now one of the so-called unicorns with a market capitalization of over CHF 1 billion. The company captures CO2 from the air at its Orca facility in Iceland, powered by renewable energy. It is then stored underground in basalt rock for thousands of years using the Carbfix method. Orca is the largest carbon capture and storage facility in the world.
Neustark from Bern permanently stores the CO2 extracted from the air in recycled concrete. The concrete granulate enriched in this way allows the cement content in fresh concrete to be reduced and improves its climate balance by around 10 percent. This enables neustark to produce what it says is the most climate-friendly concrete in Switzerland.
"With this commitment, UBS shows its pioneering role in the area of climate protection and hopefully inspires others to follow this example," said Valentin Gutknecht, co-founder and co-CEO of neustark. "Long-term off-take agreements are an important prerequisite for the much-needed expansion of carbon capture technologies."