LOADING

Type to search

1PointFive and BCG Join Forces: A Landmark Deal for Direct Air Capture Carbon Credits

1PointFive and BCG Join Forces: A Landmark Deal for Direct Air Capture Carbon Credits

1PointFive
Listen to this story:

Key Impact Points:

  • Boston Consulting Group (BCG) agrees to purchase 21,000 metric tons of carbon dioxide removal (CDR) credits from 1PointFive over three years.
  • The CDR credits will be enabled by STRATOS, 1PointFive’s industrial-scale Direct Air Capture (DAC) facility, capable of capturing up to 500,000 metric tons of CO2 annually.
  • This agreement is part of a strategic collaboration to develop business processes supporting DAC CDR credits, demonstrating a shared commitment to climate action and DAC technology.
  • The initiative supports the global objective of removing significant amounts of CO2 from the atmosphere to adhere to the Paris Climate Agreement’s goals.

1PointFive, a carbon capture, utilization, and sequestration (CCUS) company, and Boston Consulting Group (BCG), one of the world’s leading management consulting firms, today announced that BCG agreed to purchase 21,000 metric tons of carbon dioxide removal (CDR) credits from 1PointFive over three years. BCG is collaborating with 1PointFive through consulting services, including to develop business processes that support Direct Air Capture (DAC) CDR credits.

The CDR credits for BCG will be enabled by STRATOS, 1PointFive’s first industrial-scale DAC facility currently under construction. Under the agreement with BCG, the captured CO2 underlying the CDR credits will be stored through durable geologic sequestration. STRATOS is designed to capture up to 500,000 metric tons of CO2 annually when fully operational, making it the largest facility of its kind in the world.

According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to remove 100-1000 gigatons of CO2 from the atmosphere over the course of this century to keep global warming below the 1.5 degrees Celsius limit set by the Paris Climate Agreement.

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,” said Michael Avery, President and General Manager of 1PointFive. “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.

Related Article: Weyerhaeuser Marks Debut in Carbon Market with Sale of Forest Carbon Credits

We’re excited to work with 1PointFive to support Direct Air Capture. 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,” said David Webb, BCG’s Chief Sustainability Officer.

Topics

Related Articles