Rothesay pledged to maintain net-zero carbon emissions in its own operations for 10 years after signing an agreement with Climeworks.

Rothesay have committed to use Climeworks’s direct air capture and storage solution to achieve net-zero emissions in its own operations over the coming decade.

Climeworks’ direct air capture technology permanently removes carbon dioxide from the air, which is then turned into rock deep underground with the help of their storage partner Carbfix.

Climeworks’ agreement with Rothesay – the first with a UK insurance company – will mean that, over the next ten years, Climeworks will extract and store as much carbon dioxide from the atmosphere as Rothesay’s own operations are expected to generate.

This follows similar commitments made by the company to achieve net-zero carbon emissions, such as working with Natural Capital Partners to both verify its direct emissions and purchase sufficient carbon credits.

Rothesay also achieved its target of CarbonNeutral Company certification, in accordance with The CarbonNeutral Protocol one year ahead of its 2023 target.

Rothesay’s pledge to achieve to achieve CarbonNeutral Company certification for its operations forms part of its wider ‘Pathway to Net Zero’ strategy.

The insurer has committed to achieving net zero by 2050 for its business, including the investment portfolio, for which an additional target has been set for a 20 per cent reduction in carbon intensity by 2025.

Rothesay has also committed to regular and transparent reporting on its progress to ensure accountability and has fully embedded climate risk management within its business.

Rothesay head of investment strategy and chair of its Climate Change Working Group, David Land, commented: “Rothesay is delighted to partner with Natural Capital Partners and Climeworks to ensure that the day-to-day running of our business is carbon neutral and that we have a clear plan for our operations to become net zero for at least the next decade.

“As part of our ‘Pathway to Net Zero’ plan, we have constructed rigorous due diligence on our carbon removal options and have chosen Climeworks because of its ground-breaking technology allows us to measurably neutralize the environmental impact of our operations.

“Like Rothesay, Climeworks is an innovative, purpose-built company that is delivering highly effective solutions for clients, and we look forward to our long-term partnership.”

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