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Climeworks, the Swiss startup that became the first company to launch a commercial-scale facility that sucks carbon out of the air and buries it deep underground, is getting into carbon trading with the launch of an offshoot called Climeworks Solutions, reported Heatmap’s Emily Pontecorvo. Under the new banner, Climeworks will purchase carbon removal credits from other providers, package them into portfolios that include its own direct air capture credits, and sell the bundles to buyers looking for “high quality” carbon removal. Adrian Siegrist, the company’s vice president of climate solutions, said the credits will have “the stamp of Climeworks quality.”
There are already more than half a dozen companies promising to source only the highest quality carbon removal credits for buyers, and Climeworks is relying on its name as a trusted brand to set itself apart. Siegrist said Climeworks is already in talks with more than 50 other companies interested in working with them. “But it’s unclear where all of this carbon removal is going to come from,” Pontecorvo wrote. “The company’s direct air capture credits are already sold out through 2027.”
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The White House yesterday announced the creation of a new Climate and Trade Task Force aimed at reining in emissions from global trade. Speaking at the Columbia Global Energy Summit in New York, White House climate adviser John Podesta said the lack of widespread standards for tracking embodied emissions from traded goods – aka the emissions that come from their production – has led to a global “race to the bottom” to set up supply chains in countries with low emissions standards. “If the global trade of goods was its own country, it would be the second-largest carbon polluter in the world after [China],” Podesta said. The new task force will focus on developing a policy toolkit on climate and trade, measuring emissions to help inform and enforce climate-smart trade policies, and supporting producers to clean up their manufacturing processes.
A massive storm this week dropped unprecedented amounts of rain on the United Arab Emirates, turning streets into rivers and causing widespread chaos. The government described the event as the largest amount of rainfall seen in the last 75 years. In Dubai, at least 6 inches fell over 24 hours on Tuesday, which is about two years worth of rain. Flash floods inundated highways and halted flights. In neighboring Oman, flooding has killed at least 18 people. There’s some debate over how big of a role the UAE’s cloud seeding practices (which are an attempt to induce rain by dispersing tiny particles into clouds) played in worsening the storm. Bloombergreported that the state’s National Center of Meteorology dispatched seeding planes on Monday and Tuesday.
Christopher Pike/Getty Images
Team Japan unveiled its official uniforms for the upcoming Paris Olympics today, and said the clothing items would include a stamp that shows their carbon footprint. “By figuring out the carbon footprint of each item and labeling it on the products, we hope to boost transparency as well as raise awareness among athletes towards the environment,” said Makoto Ohori, manager of Asics’ apparel and equipment development. The company said it had cut the overall emissions needed to produce the uniforms by 34% since the Tokyo Games by switching to renewable energy and working with recycled and lighter material. The Paris Games aim to have half the carbon footprint of the typical Summer Olympics.
“Finance is the golden thread through all climate action.” –Rachel Kyte, professor in practice of climate policy at Oxford University
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