Drax, Respira Partner On CDR Purchasing
Drax has agreed to a Memorandum of Understanding (MoU) with the carbon finance company, Respira, which could see the largest volume of carbon dioxide removals (CDRs) traded so far globally.
Respira will reportedly be able to purchase up to 2 million tonnes of CDRs from Drax over a five-year period, under the terms of the MoU. The creation of the CDRs would be linked to the future deployment of BECCS by Drax in North America.
Drax already aims to invest more than £2bn in its UK BECCS project and its global supply chain by 2030, to remove 8 million tonnes of CO2 from the atmosphere each year. In addition to this it is developing investment plans for BECCS projects outside the UK, including in North America, which could remove a further 4 million tonnes of carbon dioxide from the atmosphere each year.
Will Gardiner, Drax Group CEO, comments, “This agreement with Respira will play a pivotal role in the development of voluntary carbon markets globally and the deployment of BECCS. The clear demand that we are seeing for engineered carbon removals, alongside the policies being developed by progressive governments in the U.S. and UK to support BECCS, will enable the investment needed to kickstart a vital new sector of the economy, creating tens of thousands of jobs, often in communities which need them the most.”
Ana Haurie, Respira International CEO and co-founder, adds, “Rising global temperatures underline that it is absolutely vital for corporates to augment existing carbon emissions strategies with further solutions to address the climate emergency. This partnership with Drax marks a new and exciting development for Respira as it is our first engineered carbon removals project.”
In the U.S. the $739 billion Inflation Reduction Act includes an enhanced level of support for carbon removal technologies.
Under the terms of the MoU with Drax, Respira would be able to purchase CDRs produced by Drax in North America, receiving up to 400,000 tonnes of CDRs a year over a five-year period to sell on a voluntary carbon market. This would enable buyers, such as corporations and financial institutions, to achieve their own carbon emissions reduction targets.
Latest news
Morbark Unveils BVR, TW Series Brush Chippers
Morbark has unveiled the all NEW “BVR” line of hand-fed brush chippers at this year’s TCI Expo, in St. Louis, Mo. Alongside the BVR lineup, visitors found 6- and 8-in. brush chippers from Timberwolf. Timberwolf, an Alamo Group company, is headquartered in Suffolk, UK, and will be marketed in the U.S. as the Morbark TW series, beginning the first quarter of 2024…
Machine Innovator Neil Peterson Dies
A memorial service was held October 29 in Pleasant Hill, Ore. for forest machinery pioneer and innovator Neil Peterson, the driving force behind Peterson Pacific Corp. that revolutionized in-woods and mobile delimbing, debarking and chipping. Peterson was not just a pioneer in his field but also a generous philanthropist, a guiding force for his team, and a beacon of opportunities for his employees…
Sustainable Forests Report Has Mixed Results
Released in September, the “National Report on Sustainable Forests, 2020” from the U.S. Dept. of Agriculture (USDA) and Forest Service (FS) shows both good and challenging trends as the nation’s forestland owners seek sustainable ownership and management options. The fourth such effort since 1997, the report is 60 pages…
Forest Service Looks At Carbon Capture
U.S. Dept. of Agriculture’s Forest Service announced a Notice of Proposed Rulemaking (NPRM) that would allow the agency to consider proposals for potential carbon capture and sequestration projects on national forests and grasslands. This proposal would harmonize the framework between the federal government’s two largest land managers by aligning with regulatory structures already…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
Subscribe/Renew
Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.