Square, Inc. partners with direct air capture company Climeworks to remove 2,000 tons of carbon from the air

Companies with net zero carbon commitments are increasingly adopting high-quality carbon dioxide removal solutions, such as Climeworks’ direct air capture and storage. High quality carbon dioxide removal is an essential component in addition to emissions reduction efforts to truly achieve net-zero emissions.

Leading financial services company Square, Inc. is the latest customer of Climeworks’ carbon dioxide removal services, purchasing 2,000 tons of CO2 removals as part of its net zero carbon commitment which it announced last year.

Square, Inc.’s purchase is another long-term agreement for Climeworks with a duration of nine years.

Corporate call to action
This November, COP26 once again demonstrated the private sector’s vital role in the fight against climate change. To truly achieve net-zero emissions, in addition to drastic emissions reduction, removing CO2 is needed to both neutralize any unavoidable emissions and to remove excess CO2 from the atmosphere. For this purpose, companies with net zero carbon commitments increasingly adopt high-quality carbon dioxide removal solutions to neutralize their residual emissions. Early adopters are increasing the market demand, which helps to drive down long-term costs and increase future production for large-scale removal operations.

Square commits to long-term carbon removal with Climeworks
As part of its commitment to become net zero carbon for operations by 2030, Square, Inc. has signed a nine-year carbon removal agreement with direct air capture leader Climeworks, who will permanently remove 2,000 tons of CO2 from the air on their behalf. Such long-term agreements are mutually beneficial for both parties, as Climeworks can more accurately project future revenue which assists in accelerating growth planning, while Square is able to assure it has access and price certainty for its long-term carbon removal needs.

To achieve Square’s goal of becoming net zero for operations, the company is actively reducing its own carbon footprint and pairing this with a growing portfolio of verified carbon removal. Climeworks is its first partner for direct air capture, a technological carbon removal solution that Climeworks is pioneering. As part of this, Watershed became one of Square’s key sustainability partners, helping them to measure their footprint and build a strategy to reduce and remove their carbon emissions. Like Square, Watershed helps scale the market for permanent carbon removal by working with Climeworks and other carbon removal technologies.