UBS has formalized a ten-year agreement for carbon removal with Climeworks, a leader in direct air capture technology.
This partnership positions UBS as the latest, and largest, financial institution to adopt Climeworks’ innovative carbon removal solutions, following previous commitments from companies such as Stripe, Klarna, Square Inc., LGT, and Verdane.
Climeworks operates direct air capture facilities powered by renewable energy, effectively extracting CO2 from the atmosphere and sequestering it underground, where it undergoes a natural mineralization process with basaltic rock formations.
In addition to its collaboration with Climeworks, UBS has partnered with Neustark, another Swiss firm specializing in carbon capture that converts CO2 into concrete.
Sabine Keller-Busse, President of UBS Switzerland, emphasized, "Sustainability remains a top priority for our clients, and to remain a credible partner, we must demonstrate our ongoing commitment to sustainable business practices."
In April, UBS also joined the Green Software Foundation as a steering member, alongside industry leaders such as Goldman Sachs, Microsoft, Accenture, GitHub, and ThoughtWorks, to explore how to minimize emissions from its extensive technology infrastructure as part of its goal to achieve net-zero emissions by 2050.
Additionally, Finextra is hosting its fifth Sustainable Finance Live conference and hackathon on November 29. For more details and registration, please visit the event page here.