Summit Carbon Solutions signs agreement to sell CO2 removal credits

In Iowa, Summit Carbon Solutions has signed a multi-year agreement to sell Carbon Dioxide Removal credits (CDRs) to the NextGen CDR Facility (NextGen). In total, NextGen announced the purchase of 193,000 tons of CDRs from three projects, including a leading U.S. direct air capture project and a Finnish biochar manufacturer, making this one of the largest CDR transactions to date.

NextGen is a joint venture between South Pole and the Mitsubishi Corporation, and backed by founding buyers Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS. NextGen is creating one of the world’s largest diversified portfolios of CDRs, with plans to purchase over one million tons of CDRs by 2025. The CDRs must be from large-scale technical carbon removal projects and certified under standards endorsed by the International Carbon Reduction and Offset Alliance (ICROA).