Swiss Re has bolstered its efforts to become Net Zero by signing a 10-year purchase agreement for carbon offsets that “literally turn CO2 to stone”.
The world’s biggest reinsurer has partnered with Cimateworks, a Swiss carbon dioxide air capture technology firm, to buy offsets generated by a project in Iceland.
The $10m deal, understood to be the first ever long-term purchase agreement for such a technology, is set to help Swiss Re reach its goal of making its own operations Net Zero by the end of the decade.
The project uses geothermal energy to capture carbon dioxide from the air, which is then pumped deep underground, where it reacts naturally with surrounding basalt rock to form stable carbonate minerals.
“This is considered the safest, most durable form of all carbon removal solutions that are commercially available today,” said Swiss Re, although it acknowledged that it is also one of the most expensive - costing several hundred dol…