South Pole is the majority owner of the NextGen CDR Facility (“NextGen"), the world's largest dedicated carbon removal portfolio, with ambitions to purchase over one million tonnes of CDRs by 2025. NextGen recently announced the purchase of over 193,000 tonnes from three carbon removal projects. The Carbon Business Council (CO2BC), a nonprofit trade association of more than 100 companies and organizations unified to responsibly restore the climate, represents combined carbon management assets of more than 16.5 billion US dollars.
“From the printing press to penicillin, entrepreneurs have a history of approaching challenges with a problem-solving set of eyes. Because reversing climate change will require multiple solutions coming from both innovators and policymakers, it's important to have market leaders like South Pole at the policy table," said Ben Rubin, the Executive Director and Co-Founder of CO2BC.
As a Cornerstone Member, South Pole will work with the Carbon Business Council on developing policies, elevating why carbon removal is an essential pillar of climate action, planning events, and supporting the carbon removal ecosystem. “We are excited to support the growth of the market for long-term carbon removal solutions by collaborating with the hundreds of CO2BC members in building the industry. These are exciting times with growing interest in the sector, and the unique insights and network that the CO2BC provides will help South Pole and NextGen to be more effective partners and ensure the market grows in a responsible and sustainable way." said Philip Moss, Global Director for Tech Carbon Removals at South Pole and Chairman, NextGen CDR Facility.
Scientists globally have reached consensus that the world needs to remove and manage gigatons of carbon dioxide in order to meet the 2050 goals of the Paris Agreement.