World leaders and climate negotiators are set to convene in Baku, Azerbaijan, from November 11 to 22, 2024, for this year’s UN climate conference. While COP29 is anticipated to be heavily focused on setting a new global climate finance target, it presents a vital opportunity to drive forward the urgent action required in global carbon removal initiatives.
Leaders from Climeworks, including Chief Commercial Officer Adrian Siegrist, Head of Global Government Affairs and Public Policy Louise Matthias, Global Head of Strategic Partnerships Financial Services Barbara Truyers, and Head of Sales and Strategic Partnerships Health and Consumer Hussein Dhanani, are excited to participate in this important forum. We aim to foster meaningful exchanges, cultivate new partnerships, and build networks that will help scale carbon removal infrastructure to the billions of tons necessary to achieve a significant climate impact.
Fostering public/private partnerships for carbon removal
COP brings together policymakers and business leaders from nearly every country in the world, creating a unique opportunity to forge impactful partnerships that might otherwise take months to establish. In this spirit, Climeworks will host a panel in the Blue Zone focused on the role of public and private partnerships in scaling carbon removal to gigaton levels. The discussion will highlight success stories, lessons learned, and innovative ideas that can catalyze carbon removal.
Title: Catalyzing carbon removal through public-private partnerships
Date: November 12, 2024
Time: 10 am – 11 am
Location: Denmark Pavilion (H8) at the Blue Zone
Our speaker line-up includes, so far:
Adrian Siegrist, CCO, Climeworks
Daniel Hanna, Global Head of Sustainable Finance, Barclays
Dominic Waughray, Executive Vice President, WBCSD
Nótt Thorberg, Director of Green by Iceland
Mary de Wysocki, Chief Sustainability Officer, Cisco
The panel will be moderated by David Gelles, climate reporter at the New York Times.
Please note that the event will be held in the Blue Zone and, therefore only accessible to Blue Zone Badge holders. If you would like to receive more information, please contact us via [email protected].
The priorities for this year’s COP discussions on carbon removal
While COP29 may have a finance focus, we anticipate it will continue to spur intensive and productive conversations among nations and stakeholders on all the crucial next steps in the global fight against climate change. Next to advocating for clearly defined ambition and action plans regarding emission reductions, we will closely follow discussions around Article 6.4 and hope to see a robust framework that places carbon removal alongside emission reductions in Article 6. We hope to see a thorough and honest addressing of the fact that the world is currently off track in meeting climate goals, and the unlocking of bold and urgent measures for the necessary course correction.
In Baku, Climeworks will advocate the following priorities:
SBTi carbon removal milestone targets: The time to act is now. We must commit to removing millions of tons by 2030 and eventually billions by 2050. Reaching this scale is essential to limit global warming to 1.5°C above pre-industrial levels, as stated by the latest IPCC report.
Deployment of existing technology: The technology exists and works, as demonstrated by Climeworks’ Orca and Mammoth DAC plants in Iceland. We must now focus on large-scale deployment to increase efficiencies and bring costs down, much like it has been done for other technologies, such as solar PV.
Public/private partnerships: Collaboration between the public and private sectors is vital for establishing the necessary frameworks and infrastructure to scale carbon removal to the gigaton. Recent initiatives from the public sector, like those from the U.S. Department of Energy, highlight the effectiveness of involving such partnerships to showcase demand for carbon removal solutions.
Portfolio approach to carbon removal: No one solution can meet the challenge by itself. That’s why we’re excited to introduce Climeworks Solutions at COP. Launched this year, Climeworks Solutions provides tailored advisory services for companies, designing top-tier carbon dioxide removal portfolios that meet unique needs. By scaling multiple high-quality carbon removal options simultaneously, we can better tackle the market’s complexities.
Global standards and transparency: As demand grows, establishing robust standards for CDR quality and transparency is critical to ensure that removals are scientifically valid, traceable, and permanent, fostering trust and clarity for stakeholders in the carbon removal market.
With 40,000 people in one place, all committed to fighting climate change – let’s unite, act and deliver!
If you are interested in meeting up with Climeworks’ representatives attending COP29, please reach out to us at [email protected] to schedule a conversation or meeting on-site.