2022-10-19 09:17:50
Utility and pellet producer Drax has agreed a memorandum of understanding (MOU) with Respira, which could see the largest volume of carbon dioxide removals (CDRs) traded so far, globally.
Respira, which is an impact-driven carbon finance business, will be able to purchase up to two million metric tonnes of CDRs from Drax over a five-year period, under the terms of the MOU.
The creation of the CDRs would be linked to the future deployment of bioenergy carbon capture and sequestration (BECCS) by Drax in North America.
Drax said in a news release it already aims to invest over £2 billion in its U.K. BECCS project and its global supply chain by 2030 to remove eight million metric tonnes of CO2 from the atmosphere each year. In addition to this, it is developing investment plans for BECCS projects outside the U.K., including in North America, which could remove a further four million metric tonnes of carbon dioxide from the atmosphere each year.
“The clear demand that we are seeing for engineered carbon removals, alongside the policies being developed by progressive governments in the U.S. and UK to support BECCS, will enable the investment needed to kickstart a vital new sector of the economy, creating tens of thousands of jobs, often in communities which need them the most,” said Drax Group CEO Will Gardiner.
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