Carbon removals and renewable energy company Drax Group today announced a carbon removals deal with C-Zero Markets (C-Zero), an environmental consultancy.
C-Zero will purchase carbon dioxide removals (CDR) credits from Drax representing 2,000 metric tons of permanently stored carbon under the terms of the agreement. The deal, which converts a previous MoU into a firm offtake agreement, is connected to Drax’s future deployment of carbon negative BECCS in the U.S., according to a news release.
“Organizations like C-Zero and the clients it supports are looking to permanent, engineered carbon removals that are high-integrity to ensure their climate commitments are achieved,” said Laurie Fitzmaurice, President, Carbon Removals at Drax. “As those deadlines approach, experts predict demand will soar for CDRs that are credible, quantifiable, and auditable – like those provided through BECCS by Drax – making now the smartest time to invest.”
This latest agreement between Drax and C-Zero is a clear indicator that demand for BECCS-derived carbon removals continues to increase. Today’s announcement comes just weeks after a firm offtake deal with Karbon-X, and Drax inked MoUs with Respira and C-Zero prior to that.
Drax also launched an independently operated business unit headquartered in Houston, Texas, at the beginning of the year with the intent of becoming the global leader in large-scale carbon removals. This business unit will oversee the development and construction of Drax’s new-build BECCS plants in the US and internationally, and it will work with a coalition of strategic partners to focus on an ambitious goal of removing at least 6 Mt of CO2 per year from the atmosphere.
