LONDON, April 18, 2022 /CNW/ — XTX Markets is one of the first companies to introduce a carbon removal programme for employees as part of its newly released climate pledges.
To meet the IPPC’s 1.5C scenario, the emerging consensus is that carbon capture and storage (CCS) needs to increase from around 40 million tonnes of CO2 in 2020 to 1 billion tonnes in 2030, then 10 billion tonnes in 2050.
The market for carbon removal needs to grow 25 times by 2030 and XTX will support this goal by purchasing CCS credits that help to accelerate the market and bring down the cost curve. XTX is focusing on projects that have scientifically valid methods to capture atmospheric CO2 and store it durably for thousands of years.
XTX has purchased its first tranche of carbon removal credits for its 2020 emissions, equivalent to 3,265 tonnes of CO2. It plans to purchase further tranches each year.
XTX will be one of the first trading firms to remove its CO2 emissions and, as far as it knows, the …