Raw: [
Boston Consulting Group (BCG) announced today a strategic agreement with 1PointFive, the Direct Air Capture […]]
BCG Signs Carbon Removal and Consulting Agreement with 1PointFive – ESG Today
ESG Investing, sustainable finance & business sustainability news
ESG investing news, analysis, research and information
Top Stories ESG News
Companies
Government
Investors
Regulators
Sustainable Finance
ESG Solutions ESG Tools, Services
Companies Companies
Investors Investors
ESG Disclosure ESG Reporting
Analysis
Regulators
Reports, Studies
Newsfeed
Whitepapers
Events
About About us
Our Team
Advertise With Us
Companies/ Environment
BCG Signs Carbon Removal and Consulting Agreement with 1PointFive
Mark Segal
January 11, 2024
Boston Consulting Group (BCG) announced today a strategic agreement with 1PointFive, the Direct Air Capture (DAC)-focused subsidiary of energy giant Occidental (Oxy), including the purchase of 21,000 metric tons of carbon dioxide removal (CDR) credits over three years.
In addition to the carbon removal purchases, BCG will collaborate with 1PointFive through consulting services, including on the development of business processes supporting DAC CDR credits.
DAC technology, listed by the IEA as a key carbon removal option in the transition to a net-zero energy system, extracts CO2 directly from the atmosphere for use as a raw material or permanently removed when combined with storage. According to the landmark Intergovernmental Panel on Climate Change (IPCC) climate change mitigation study released last year, scenarios that limit warming to 1.5°C include carbon dioxide removal methods scaling to billions of tons of removal annually over the coming decades, with DAC positioned to potentially account for a significant portion of the total.
The CDR credits under the agreement will be enabled by STRATOS, currently under construction by 1PointFIve in Ector County Texas, which it expects to be the largest DAC facility in the world to date, designed to capture 500,000 tonnes of CO2 per year when fully operational.
Michael Avery, President and General Manager of 1PointFive, said:
“We are pleased to enter into this strategic agreement with BCG. It builds on our existing partnership and reflects our shared commitment to the climate and the importance of DAC as an industrial-scale, durable, and verifiable carbon removal solution. As one of the global leaders in consulting, this agreement reinforces DAC’s potential and demonstrates how non-industrial companies can meet their net zero goals and sustainability initiatives.”
The agreement marks the latest in a series of DAC purchases for BCG, including a 5-year, 40,000 ton deal announced last year with DAC company CarbonCapture, and an agreement in December with DAC company Climeworks for 80,000 tons of CO2 removal over 15 years.
David Webb, BCG’s Chief Sustainability Officer, said:
“With this strategic agreement, BCG reaffirms its commitment to be an early adopter and to support the most promising CDR technologies to capture and store carbon durably. Over the past year, BCG has already supported 1PointFive in designing the required IT architecture needed for the Measurement Reporting and Verification (MRV) of STRATOS. 1PointFive has become one of the leaders in the durable removals ecosystem and is a great fit for our DAC portfolio.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
Related Posts
Companies /
Whirlpool Adds Onsite Wind and Solar at U.S. Plants
Environment /
ADNOC Acquires 10% Stake in Carbon Capture Developer Storegga
Companies /
BMW to Produce only All-Electric Vehicles at Munich Plant from 2027
‹ Apex Group Launches ESG Advisory and Reporting Unit
ESG Today Newsletter – Subscribe
Subscribe to the ESG Today NewsletterJoin our mailing list for the latest breaking ESG investment news!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Sustainable Finance
Iberdrola Secures €300 Million ESG-Linked Loan from World Bank for Energy Transition Projects in Emerging Markets
ABN AMRO Appoints Tanja Kramer as Head of Sustainable Impact Fund
Pattern Energy Closes $11 Billion Financing for Massive U.S. Clean Energy Project
Iberdrola Signs €5.3 Billion Credit Line with Rates Tied to Climate, Diversity Goals
Government
Former UK Conservative Energy Minister Resigns over Government Plan for New North Sea Oil & Gas Licenses
Canada Consults on Launch of New Federal Plastic Registry
Canada Finalizes Regulation Requiring 100% Zero Emission New Car Vehicle Sales by 2035
Biden Administration Proposes Strict Requirements to Qualify for Clean Hydrogen Tax Credit
Categories
Select Category
Business Wire
ESG News
Analysis
Climate
Companies
Energy Transition
Environment
ESG Reporting
ESG Tools, Services
Executive Moves
Governance
Government
Guest Posts
Investors
M&A
New funds & products
Platforms & Markets
Private Equity & Venture Capital
Professional bodies
Regulators
Reports, Studies
Social
Social & Governance
Sustainable Finance
Welcome
Back to Top
Home
About us
Disclosure, cookies & privacy policy
© ESG Today 2024
Don’t miss the top ESG stories!Join the ESG Today daily newsletter and get all the top ESG stories, like this one.
Subscribe now below!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Never miss the latest breaking ESG investment news. Get ESG Today’s newsletter today!
Subscribe Now
c
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy