• Climeworks, a Swiss direct air capture (DAC) startup, has signed a 10-year carbon removal agreement with LGT, a Liechtensteinian private banking company.

• Under the agreement, LGT will purchase Climeworks’ DAC offsets. Climeworks will permanently remove 9,000 tons of CO2 from the atmosphere for LGT. 

• This is the largest DAC agreement signed by a bank.

<ul><li> Analyst QuickTake: Climeworks , having launched the world’s largest DAC facility earlier this year, has been actively trying to onboard new customers. The company has been selling DAC carbon removals since 2019 and has nearly doubled its customer base this year to 10,000+. Recent high-profile sign-ups include Swiss Re , Square , and Ocado Retail . Storegga and Carbon Engineering are two of the other first movers to commercialize DAC, having onboarded their first customers earlier this year.</ul>