Carbon removals and renewable energy company Drax Group on March 28 announced a new carbon removals deal with&nbsp;<a href="https://karbon-x.com/">Karbon-X</a>, a leading environmental company. The agreement is the latest indicator of growing demand for high-quality carbon removals from&nbsp;<a href="https://www.drax.com/us/us-beccs-by-drax/">bioenergy with carbon capture and storage (BECCS)</a>.&nbsp;Karbon-X will purchase carbon dioxide removals (CDR) credits from Drax representing 25,000 metric tons of permanently stored carbon at $350 per metric ton under the terms of the agreement. The deal, which will occur over a five-year period starting in 2030, is linked to Drax’s planned deployment of carbon negative BECCS in the United States.&nbsp;“We’re excited to work with organizations like Karbon-X that understand&nbsp;the importance of investing in high-value carbon removals&nbsp;today,”&nbsp;said&nbsp;Laurie Fitzmaurice, president, carbon removals&nbsp;at Drax.&nbsp;“The CDR market, which is already&nbsp;maturing&nbsp;at a rapid pace,&nbsp;is expected to&nbsp;experience a&nbsp;supply&nbsp;crunch within the next decade&nbsp;as&nbsp;companies and countries approach their&nbsp;deadlines for carbon reduction targets.”&nbsp;&nbsp;The agreement with Karbon-X is the latest in a string of previously announced carbon removals memorandums of understanding that have included&nbsp;<a href="https://www.drax.com/press_release/worlds-biggest-carbon-removals-deal-announced-at-new-york-climate-week/">Respira</a>&nbsp;and&nbsp;<a href="https://www.drax.com/us/press_release/drax-announces-carbon-removals-deal-with-c-zero/">C-Zero</a>. Drax also&nbsp;<a href="https://www.drax.com/us/press_release/drax-to-launch-new-business-focused-on-becoming-the-global-leader-in-large-scale-carbon-removals/">launched a new independent business unit</a>&nbsp;earlier this year that is focused on becoming the global leader in large-scale carbon removals. This business unit will oversee the development and construction of Drax’s new-build BECCS plants in the US and internationally, and it will work with a coalition of strategic partners to focus on an ambitious goal of removing at least 6 Mt of CO2&nbsp;per year from the atmosphere.&nbsp;BECCS&nbsp;is a carbon removal technology that uses sustainably sourced biomass to generate renewable energy while permanently sequestering the carbon underground.&nbsp;Measuring&nbsp;the impact of these high-quality carbon removals&nbsp;is more straightforward&nbsp;when&nbsp;compared&nbsp;with other solutions like nature-based removals,&nbsp;resulting in high demand.&nbsp;“This agreement with Karbon-X represents another major step forward in delivering BECCS by Drax in the United States to help meet this growing demand to decarbonize our planet,” said&nbsp;Fitzmaurice.&nbsp;Karbon-X&nbsp;intends to&nbsp;sell the credits&nbsp;it purchases from Drax&nbsp;on the voluntary carbon market, enabling individuals and organizations&nbsp;to achieve their own emissions reduction targets.&nbsp;It&nbsp;follows&nbsp;a stringent set of guidelines&nbsp;to&nbsp;ensure it&nbsp;selects&nbsp;only high-quality&nbsp;projects and providers,&nbsp;like BECCS by Drax.&nbsp;“We are thrilled to be working alongside Drax in the pursuit of their carbon removals program,“&nbsp;said&nbsp;Chad Clovis, CEO of Karbon-X.&nbsp;“This partnership represents significant&nbsp;progress&nbsp;in our collective mission to combat climate change and build a more sustainable future.”&nbsp;As companies, industries, and countries&nbsp;increasingly look to engineered carbon removals to ensure they can meet their climate commitments,&nbsp;CDRs from&nbsp;carbon negative&nbsp;BECCS&nbsp;are&nbsp;becoming an integral piece of this market.&nbsp;Through BECCS, carbon removals are&nbsp;quantifiable&nbsp;and auditable, resulting in a higher&nbsp;quality credit. This separates&nbsp;BECCS-derived CDRs from carbon offsets, allowing organizations to&nbsp;have greater trust in the impact of their investments.&nbsp;To learn more about how Drax is helping organizations achieve their sustainability goals through high-quality carbon removals, visit&nbsp;<a href="http://www.draxcarbonremovals.com/">www.draxcarbonremovals.com</a>&nbsp;&nbsp;

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Drax Group on March 28 announced a new carbon removals deal with Karbon-X. Under the agreement, Karbon-X will purchase CDR credits from Drax representing 25,000 metric tons of permanently stored carbon at $350 per metric ton.

Drax announces carbon removals deal with Karbon-X

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