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ICELAND: Climeworks, the carbon capture technology company, has raised an additional US$650 million in equity to expand its Iceland-based storage facility that opened in September last year.

The financing is co-led by Partners Group and Singapore’s sovereign wealth fund GIC, with Baillie Gifford, Carbon Removal Partners, Global Founders Capital, John Doerr, M&G, Swiss Re and long-term investor and anchor shareholder BigPoint Holding AG.

Founded by engineers Christoph Gebald and Jan Wurzbacher, Climeworks permanently removes carbon from the air by storing CO2 in the earth or upcycling it into climate-friendly products such as carbon-neutral fuels and materials.

“Whilst there is no silver bullet for addressing climate change, Climeworks’ direct air capture technology has the potential to play an important role in helping the world avoid its worst impacts,” commented Baillie Gifford investment manager Lee Qian. “There will be many hurdles to overcome, but the scale of the opportunity is huge. We have been very impressed by Climeworks’ management team and are excited to support them on the journey ahead.”

According to the Working Group III contribution to the latest part of the sixth Intergovernmental Panel on Climate Change (IPCC) report, net anthropogenic (man-made) GHG emissions have increased since 2010 across all major sectors globally, with an increasing share attributed to urban areas.

However emissions reductions in CO2 from fossil fuels and industrial processes, due to improvements in energy intensity of GDP and carbon intensity of energy, have been less than increases from rising global activity levels in industry, energy supply, transport, agriculture and buildings.

In 2019, approximately 34 percent of total net anthropogenic GHG emissions came from the energy supply sector, 24 percent from industry, 22 percent from agriculture, forestry and other land use, 15 percent from transport and 6.0 percent from buildings.

The report notes that while financial flows are three to six times lower than levels needed by 2030 to limit warming to below 2°C (3.6°F), there is sufficient global capital and liquidity to close the gap with the right signals from governments and the international community.
 
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