- One of the world’s largest diversified long-term carbon removal portfolio for corporates, NextGen CDR, expands to include certified removals from mineralization of biogenic CO2 in concrete
- Transaction expands the scope of NextGen CDR portfolio into a new technology segment, building on its commitment to create a scalable market for credible carbon removal at accessible prices
- Carbon removals generated from mineral waste streams such as demolished concrete, is an underutilized yet highly effective climate mitigation solution
- NextGen CDR to begin a new procurement round across all CDR technologies, with an RFP process launching 31 May
San Francisco, 24 April 2024 – NextGen CDR (NextGen), one of the world’s largest diversified long-term portfolio for certified carbon removals (CDRs), announced today at San Francisco Climate Week the purchase of CDRs from mineralized CO2 in demolished concrete from 18 projects across Switzerland, Germany and other European countries.
This marks NextGen’s first multi-year offtake agreement with Neustark, a Swiss company specializing in the durable storage of CO2 in mineral waste streams such as demolished concrete. It will expand the scope of NextGen’s activities to support new carbon removal technologies and accelerate the scaling of the CDR market.
Neustark’s innovative process captures and mineralizes biogenic CO2, permanently storing it and removing it from the atmosphere as an add-on to normal recycling processes. Neustark has previously announced a collaboration agreement with Holcim, the global building materials major, to expand carbon removals across concrete supply chains. The projects are certified under the Gold Standard to ensure credible third party assessment and transparency related to performance.
By purchasing CDRs from such projects, NextGen is channeling carbon finance towards these crucial projects and enabling the sector to mitigate carbon emissions. With the global concrete industry generating over 900 million tons of concrete waste each year worldwide, large-scale adoption of this technology would help to significantly reduce the industry’s emissions footprint.
Phillip Moss, Chairperson at NextGen CDR said: “The project adds to our diverse portfolio of CDRs to help us de-risk investments for our corporate partners. It is vital that we support a range of solutions that can scale negative emissions technologies while preparing for compliance markets and greater emphasis on removing residual emissions.”
He added: “We are delighted to expand our geographic footprint and support projects across a number of new countries across Europe in addition to our US commitments. Adding carbon removals from a high-emitting sector like concrete adds to the impact of this deal, complementing our existing transactions in Direct Air Capture & Storage, Biomass Carbon Removal and Storage, and high durability Biochar, and continuing our efforts to deliver one million tons of CDR purchases by 2025.”
With more than 30 further plants under construction across Europe and a deep pipeline of additional sites under consideration, this project is poised to make significant contributions to carbon removal efforts.
Lisa Braune, Head of CDR at Neustark, commented: “We turn the world’s largest waste stream – demolition concrete – and other mineral waste material into carbon sinks. Our solution is highly durable, high-quality, and is making an impact already: we have removed more than 1500 tons of CO2 to date. Partnering with such carbon removal pioneers such as NextGen helps to scale the CDR industry.”
Alongside this purchase, NextGen will continue to support the scaling of the carbon removal market by launching a new procurement round of CDR purchases on May 31st 2024. across a range of technologies with a target average price of $200/tonne.
Phillip Moss, Chairperson at NextGen CDR noted: “Since launching NextGen in 2022, the market for carbon removals has evolved rapidly. We want to use this RFP to explore new and innovative CDR technologies that can help us to continue catalyzing the industry, while we expand the portfolio for our buyers.”
