In this article by The Environment and Energy Leader, they present the partnership between an insurance group and the education sector with the rollout of a carbon removal initiative. With the drive to become net-zero by 2050, the demand for carbon removal projects in 2020 increased over 2019 by more than 33% and could more than triple into the future.
A corporate insurance group, including Munich Re and ERGO, are investing in and partnering with EIT Climate-KIC, Delft University of Technology (TU Delft) and the Swiss Federal Institute of Technology (ETH Zurich), to support solutions for carbon removal via the newly launched EIT Climate-KIC ClimAccelerator program.
Carbon capture, utilization and storage (CCUS) is an important component of achieving GHG emissions reductions goals globally. According to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management, there were 65 commercial CCUS projects in various stages of development worldwide in 2020 – a 33% increase over 2019. Additionally, plans for more than 30 new integrated CCUS facilities have been announced since 2017, according to a 2020 IEA CCUS report. Most of these CCUS facilities are in the U.S. and Europe but projects are planned for other countries around the world as well. If all projects were to proceed, the amount of global carbon capture capacity would more than triple.
Supported by the European Institute of Innovation and Technology, EIT Climate-KIC is Europe’s leading climate innovation initiative, focused on accelerating the transition to a zero-carbon, climate-resilient society. The ClimAccelerator program is aimed at solutions such as afforestation, direct air capture, biochar, and bioenergy-based carbon capture and storage. Selected start-ups will receive training, finance, mentorship, and access to networks. Applications for the program open in August.
EIT Climate-KIC’s Accelerator program has been a major contributor to innovative climate solutions over the past 10 years, with over 1,500 solutions supported and nearly 1 billion euros of capital secured. The Accelerator has recently transitioned to more transformational programs such as the Climathon program for citizen activation and ideation, a ClimateLaunchpad incubator that helps innovators turn ideas into climate-positive businesses, and a ClimAccelerator that scales and accelerates these start-ups.
The new initiative builds on an existing strategic relationship Munich Re and ERGO have through a dedicated Corporate Innovation Program with EIT Climate-KIC. The companies held their sixth accelerator phase in October 2020.
“For decades, Munich Re has been a leader in the climate sphere. This project on new climate technologies with experts from Delft University and ETH Zurich demonstrates Munich Re’s capability to search for innovative solutions to complex global challenges. Carbon capture solutions will play a key role in slowing down global warming. With our involvement in the EIT Climate-KIC ClimAccelerator we enable these solutions,” said Silke Jolowicz, Head of Sustainability at Munich Re.
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