Boston Consulting Group (BCG) has announced a strategic agreement with 1PointFive, the carbon capture, utilization, and sequestration (CCUS) platform affiliated with energy giant Occidental [OXY:US], as reported by ESG Today on January 11. The deal involves buying 21,000 tons of carbon dioxide removal (CDR) credits from 1PointFive over three years. These CDR credits for BCG will be generated from STRATOS, 1PointFive’s first industrial-scale Direct Air Capture (DAC) facility currently under construction in Texas. The project is expected to become the world’s largest DAC facility to date, with the capability to capture 500,000 tons of carbon dioxide (CO2) annually when fully operational. As part of the agreement, BCG will provide 1PointFive with consulting services to develop business processes supporting DAC CDR credits.

The strategic agreement is an extension of the existing partnership between BCG and 1PointFive. Over the past year, the US-based consulting firm has supported 1PointFive in designing the IT architecture for the Measurement Reporting and Verification (MRV) of STRATOS. The recent deal follows a series of DAC purchases by BCG, including a 5-year, 40,000-ton deal secured last year with DAC company CarbonCapture, and an agreement inked last December with Climeworks for 80,000 tons of CO2 removal over 15 years. BCG has underscored its commitment to becoming an early adopter of the most promising CDR technologies, targeting durable capturing and sequestration of CO2. Additionally, these initiatives would support the company’s broader target of achieving net-zero climate impact by 2030 and becoming climate-positive thereafter.

Sources:

https://www.esgtoday.com/bcg-signs-carbon-removal-and-consulting-agreement-with-1pointfive/

https://finance.yahoo.com/news/1pointfive-boston-consulting-group-announce-130000234.html

https://www.bcg.com/about/net-zero