BCG Purchases 50,000+ Tonnes Of Carbon Removal Through ClimeFi
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Boston Consulting Group (BCG) has announced the purchase of 50,250 tonnes of carbon dioxide removals (CDRs) through ClimeFi, a portfolio manager specializing in permanent carbon removal. This transaction brings BCG’s total CDR purchases to nearly 200,000 tonnes, placing the firm among the top 10 global buyers of durable carbon removal credits, according to CDR.fyi, a platform that tracks the CDR market.
The purchase is part of BCG’s ongoing efforts to neutralize its carbon emissions by 2030. Through its collaboration with ClimeFi, the firm has gained access to a range of carbon removal projects, each utilizing different methods to permanently sequester CO2. These projects will be continuously monitored for performance by ClimeFi.
In addition to increasing its investments in biochar through projects with Exomad Green and Euthenia Energy, BCG is expanding its portfolio to include several other carbon removal technologies. These include:
- Lithos, which uses enhanced rock weathering to capture CO2 in minerals
- Andes, which employs microbial mineralization to accelerate carbon removal in soils
- O.C.O. Technology Ltd, which focuses on concrete mineralization to store CO2 in building materials
- Graphyte, which specializes in subsurface biomass burial for long-term carbon storage
By supporting a variety of carbon removal approaches, BCG aims to reduce risks and scale solutions that contribute to broader climate goals. The diversity of these projects reflects the firm’s strategy to invest in multiple technologies that address carbon removal from different angles.
David Webb, BCG’s Chief Sustainability Officer, noted that the firm’s continued investment in CDR technologies aligns with its commitment to sustainability and efforts to neutralize its own emissions. “Through this expanded portfolio, we aim to support the development of carbon removal solutions that are essential to global climate targets,” Webb said.
Paolo Piffaretti, CEO of ClimeFi, also commented on the partnership, saying, “We are pleased to support BCG in expanding its carbon removal portfolio through this transaction. Their interest in exploring a range of CDR solutions is an important contribution to the growth and diversification of the carbon removal market.”
This comes after ClimeFi recently announced the Global1000 challenge together with XPrize at the 2024 COP.
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