Pension insurance specialist Rothesay is using carbon capture to ensure its own operations are net zero within a decade.
The company will be the first UK insurer to partner with Climeworks, whose direct air capture plants take CO2 from the air. The process mixes this carbon with water and then pumps it underground where it mineralises, so permanently removing it from the atmosphere.
Rothesay says it has worked with Natural Capital Partners to verify its direct emissions, and will purchase sufficient carbon credits to compensate for its historic direct emissions from 2020.
It has also signed a 10-year agreement with Climeworks to effectively remove the emissions it is expected to make over the decade from 2021.
In recognition of this process Rothesay has received CarbonNeutral company certification in accordance with The CarbonNeutral Protocol, the leading global framework for carbon neutrality.
In selecting offsetting projects to fund, Rothesay sought those that would not otherwise be undertake and which provide the highest level of permeance without causing other social or environmental hards. These have been verified by Gold Standard and VERRA and include afforestation in China, community reforestation in East Africa, degraded land afforestation in Chile and improved water infrastructure in sub-Saharan Africa.
Rothesay’s head of investment strategy and chair of its Climate Change Working Group, David Land, says : “Rothesay is delighted to partner with Natural Capital Partners and Climeworks to ensure that the day-to-day running of our business is carbon neutral and that we have a clear plan for our operations to become net zero for at least the next decade.
“As part of our ‘Pathway to Net Zero’ plan, we have conducted rigorous due diligence on our carbon removal options and have chosen Climeworks because its ground-breaking technology allows us to measurably neutralise the environmental impact of our operations.
“Climeworks is an innovative, purpose-built company that is delivering highly effective solutions for clients and we look forward to our long-term partnership.”