Standard Chartered, British Airways, and Partners Announce a Deal to Support Carbon Removal Project

Standard Chartered, British Airways, CUR8, CFC, and WTW announced the completion of the first global transaction to provide financial support for UNDO, a carbon removal project based in the UK.

The deal primarily focuses on increased rock weathering, which is an important technique that UNDO utilizes for carbon removal.

This innovation is important as the world strives to accelerate the scaling of carbon removal technologies alongside emissions reductions to achieve net-zero targets.

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Separating a project's cost from the sale of its credits lowers delivery risks and provides the project developer with financial flexibility.

Marisa Drew, the Chief Sustainability Officer of Standard Chartered said, “In the field of sustainability, we will need innovation and experimentation to be applied toward our hardest to abate sectors. In these spaces, novel financial solutions and partnerships are key to unlocking opportunities that have scale potential.

She added, “This transaction provides a bridge to bankability for high quality carbon removal projects and creates a solution that can be replicated across the airline industry to help ramp up a robust carbon removals market and accelerate ambition to achieve net zero.”

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As part of developing this financing solution, Standard Chartered, British Airways, and CUR8 have negotiated a multi-year removals offtake solution, with Standard Chartered supplying the loan finance required to assist UNDO in expanding its operations.

By addressing smaller project funding requirements, this approach allows for the scaling up of removal technologies and lower financial risks through guaranteed offtake agreements.