CO280’s network of carbon removal projects to deliver more than 10 million tonnes per year of permanent affordable CDR
Vancouver, BC, December 17, 2024 – CO280, a leading developer of large-scale carbon dioxide removal (CDR) projects, has signed a CDR offtake agreement with Frontier buyers. Frontier buyers will pay CO280 and its partners $48 million to deliver 224,500 tons of carbon removal before 2030 from CO280’s first carbon removal project at a pulp and paper mill in the U.S. Gulf Coast.
CO280 partners with pulp and paper companies to finance, own and operate projects that capture and permanently store biogenic carbon dioxide (CO₂) at pulp and paper mills. The resulting CDR credits are delivered to buyers. CO280 is developing a network of carbon removal projects to deliver more than 10 million tons per year of CDR.
In North America alone, the pulp and paper industry represents a carbon removal opportunity of up to 130 million tons per year. The average mill’s CO₂ emissions are 80% biogenic. The biomass used by the mill is residual from sustainably managed working forests. By retrofitting the mills to capture and permanently store this CO₂, negative emissions are achieved. SLB Capturi was selected to provide the capture technology for CO280’s first project.
“Retrofitting pulp and paper mills for carbon removal could enable over 500 million tons of CO₂ removal worldwide each year,” said Hannah Bebbington, Head of Deployment at Frontier. “As the first retrofit of its kind, CO280 is writing the blueprint of what it could look like for the industry to become a major contributor to carbon removal.”
“CO280 is developing a new, affordable CDR solution to remove carbon quickly and help companies to achieve their climate goals,” said CO280 CEO Jonathan Rhone. “We’re grateful to Frontier for their leadership and support of carbon removal pathways like ours that leverage existing industrial infrastructure to reduce cost and risk while speeding up deployment.”
In addition to increasing the supply of CDR, CO280’s projects provide co-benefits to the pulp and paper companies and mill communities. The projects diversify and increase mill revenue, enhancing the mill’s competitiveness and helping sustain local employment. By adopting carbon removal technologies, mills are positioned to further decarbonize operations by capturing non-biogenic emissions.
About CO280
CO280 Solutions Inc. is a developer of large-scale carbon dioxide removal (CDR) projects. In partnership with CDR buyers and pulp and paper companies, we develop, finance, own, and operate carbon removal projects that deliver a new standard of permanent, verifiable, and affordable CDR credits to customers in the carbon market. Learn more at co280.com.
About Frontier
Frontier is an advance market commitment to buy an initial USD $1 billion of permanent carbon removal between 2022 and 2030. It was founded by Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, and tens of thousands of businesses using Stripe Climate. Frontier's goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers. More information at frontierclimate.com.
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