• Climeworks, a Swiss direct air capture (DAC) startup, has signed a 10-year carbon removal agreement with UBS, a Swiss financial services provider.  

• In addition to Climeworks, UBS is collaborating with a second Swiss DAC firm, neustrak, which captures carbon emissions from the atmosphere and stores them in concrete. 

<ul><li> Analyst QuickTake: Climeworks announced the launch of Mammoth , the world’s largest DAC and storage plant, to permanently remove CO2 in June 2022. This facility allows the company to scale up its proprietary DAC technologies. Climeworks adds UBS to its customer portfolio, as its first financial services provider, followed by the company’s most recent carbon removal agreement with Microsoft in July 2022. Climeworks has also signed 10-year carbon removal agreements with Rothesay , LGT , BCG , and Swiss Re .</ul>