ESG
The ESG Phenomenon: UBS, Carbon Capture Collaboration
The latest developments in the ESG space.
UBS
UBS has concluded
long-term collaborations with two companies pioneering ways
of taking carbon from the atmosphere – a means of
manage global warming caused by human activity.
The Zurich-listed bank said that it is working with Swiss companies Climeworks and neustark, which are developing the carbon removal technologies.
The bank said that as a result of the project, during the next 13 years, 39,500 tonnes of CO2 will be removed from the atmosphere.
Neustark is an ETH Zurich university spin-off and startup which specialises in the petrification of atmospheric CO2 in recycled concrete. Climeworks’ direct air capture and storage facility “Orca” in Iceland captures CO2 directly from the atmosphere. It is then stored underground in basalt rock for thousands of years via the Carbfix method.
“Sustainability continues to be at the top of our clients' agendas and, in order to be a credible partner, it is important that we demonstrate our continued commitment when it comes to the sustainability of our own business activities,” Sabine Keller-Busse, president UBS Switzerland, said.
