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Swiss International Air Lines cargo division Swiss WorldCargo announced the launch of a new carbon […]]
Swiss Offers Cargo Customers Carbon Removal Through Climeworks – ESG Today
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Swiss Offers Cargo Customers Carbon Removal Through Climeworks
Mark Segal
June 24, 2024
Swiss International Air Lines cargo division Swiss WorldCargo announced the launch of a new carbon removal offer, aimed at helping customers to reduce Scope 3 emissions by removing unavoidable emissions from the atmosphere, and to support scaling up net zero technology, through a collaboration with Direct Air Capture (DAC) carbon removal provider Climeworks.
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 permanent removal when combined with storage, or for use as a raw material, including for the manufacturing of next generation sustainable aviation fuel (SAF).
The new offering forms part of Swiss WorldCargo’s Green Choice add-on service for reducing shippers’ CO2 emissions footprint, with a new premium option, “Aviation Tech Pioneer,” which will include 20% emissions reduction through DAC, and 80% through the use of SAF.
Lorenzo Stoll, Head of Cargo at Swiss International Air Lines, said:
“At Swiss WorldCargo we’re very glad to be bringing our division one step closer to its environmental goals by establishing this important collaboration. Thanks to Climeworks’ innovative technology, we’re able to offer our customers a premium solution to mitigate the impact of their operations on the environment.”
Founded in 2009, Zurich-based Climeworks has emerged as a leading DAC provider. The company recently announced the start-up of Mammoth, the largest DAC plant in the world to date, with anticipated capability to remove up to 36,000 tons of CO2 per year, and it is currently participating in the development of three megaton hubs in the U.S. that were selected by the US Department of Energy (DOE) for public funding of more than $600 million. Earlier this month, Climeworks revealed its new Generation 3 DAC technology, providing breakthrough improvements in efficiency and performance, and forming a step in the company’s plan to scale up to megaton carbon removal capacity.
Laurent Müller, Director of Strategic Partnerships Management of Climeworks, said:
“We’re excited to realize this first-of-a-kind pilot with Swiss WorldCargo. It serves as an inspiring example for how the aviation industry can accelerate the much-needed scale up of carbon removal within their own industry and beyond.”
The announcement with Swiss WorldCargo builds on an agreement earlier this year between Climeworks, Swiss, and Swiss parent Lufthansa Group to use DAC to address the airlines’ hard to abate emissions, and to offer customers the opportunity to participate in DAC carbon removal.
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.
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