CALGARY — Climeworks, a Swiss company specializing in direct carbon-capture, announced this morning that it has for the first time sucked carbon dioxide out of the atmosphere, stored it underground and given paying customers a credit for the reduction in emissions.
The news marks a significant milestone in the long and gradual growth of the direct carbon-capture industry, which proponents hope will be a major new green technology. It also lends credibility to the nascent financial markets that could underpin such carbon-removal efforts.
Tech companies including Shopify, Microsoft and payments giant Stripe paid Climeworks to remove the pollutants, receiving carbon credits in exchange which they can in turn sell on the open market.
Here’s what you need to know: