NextGen CDR Facility revealed the advance purchase of almost 200,000 tonnes of carbon removal credits from three different projects, including Summit Carbon Solutions, 1PointFive, and Carbo Culture, making it one of the biggest CDR transactions to date. NextGen is a joint venture between Swiss carbon project developer South Pole and Mitsubishi Corporation and is backed by founding buyers Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS. The company aims to unlock the potential of large-scale carbon removal and plans to buy over 1 million CDR credits by 2025.

Source: carboncredits