AXA Switzerland partners with Neustark and InPlanet to enhance carbon removal initiatives

AXA Switzerland has announced a strategic initiative to further its climate objectives by forging partnerships with two innovative companies in the carbon removal sector: Neustark, a Swiss startup focused on decarbonisation, and InPlanet, a Brazilian firm specialising in carbon capture technology. These partnerships are pivotal as AXA Switzerland aims to significantly reduce its carbon footprint by 2030.

The ambitious collaboration aims to facilitate the removal and storage of a total of 3,750 tonnes of CO2. Specifically, InPlanet is tasked with removing 1,950 tonnes of CO2 by 2028, while Neustark is set to contribute an additional 1,800 tonnes by 2030. This initiative aligns with AXA Switzerland’s ongoing commitment to reducing operational emissions and advancing innovative carbon dioxide removal (CDR) technologies, which are increasingly seen as critical in combating climate change.

Daniela Fischer, Chief Sustainability Officer at AXA Switzerland, described the partnerships as instrumental in supporting both net-zero targets and the promotion of forward-looking technologies in Switzerland. She stated, “By supporting these projects, we are making a contribution to net zero and at the same time promoting future-oriented technologies and Switzerland as a location for innovation.” This reflects AXA's dedication, which spans over a decade, to mitigating its environmental impact.

Between 2012 and 2019, AXA Switzerland achieved a notable 38% reduction in greenhouse gas emissions associated with energy consumption and business mobility. Key strategies contributing to this reduction included downsizing office space and transitioning to renewable heating solutions. Building on this foundation, the company has now set an ambitious goal of achieving an additional 43% reduction in CO2 emissions from 2019 to 2030.

The choice of partners—InPlanet and Neustark—is attributed to their unique and effective approaches to carbon removal. InPlanet focuses on enhanced rock weathering (ERW), a method that accelerates the natural process of mineral weathering to absorb CO2 from the atmosphere. Since its establishment in 2022, InPlanet has been actively engaging with local communities and promoting sustainable agricultural practices, positioning itself as a frontrunner in the ERW sector.

Meanwhile, Neustark employs a novel technique that captures CO2 from biogas plants to be used in the production of demolition concrete. This innovative approach not only effectively sequesters carbon but also transforms what is typically the largest global waste stream into a valuable building material, thus contributing to a circular economy.

These partnerships come in the wake of broader international efforts to enhance carbon credit trading and carbon removal strategies, as seen in recent agreements between countries like Switzerland and Thailand. As AXA Switzerland pursues these initiatives, it reflects a growing recognition of the importance of collaboration in the fight against climate change and the transition towards a sustainable future.

Source: Noah Wire Services