Multinational software corporation SAP and The Climateworks Foundation are entering a multi-million-euro agreement to directly invest in decarbonization efforts, aiming to secure 37,000 tons of carbon removal credits.
The agreement aims to secure these credits by 2034, enabling both firms to collaborate on advancing the highest-quality decarbonization technology on the market.
"Implementing SAP was the right step," said Christoph Gebald, co-founder and co-CEO of Climeworks, in an official statement, shared by Sustainability Magazine.
"Investing in quality carbon removals addresses emissions we can't eliminate directly," Sophia Mendelsohn, chief sustainability and commercial officer at SAP, added.
Tailoring the deal uniquely to SAP's business operations, the investments will include technologies such as Direct Air Capture (DAC), biochar, and enhanced rock weathering.
Not only will these help mitigate climate-related risks, but they will also pave the way for those technologies to become more accessible to businesses worldwide, demonstrating the profitability of a shift toward sustainability.
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Partnerships like this are only a step in the larger effort towards global decarbonization. Other businesses, such as White Summit Capital, are also joining the fray through industries like transportation, one of the most significant contributors to global carbon emissions.
Scientists are increasingly calling on more companies to join a global coalition dedicated to advancing a total transition to greener, carbon-free energy sources. Some prominent names, such as Google, are already on board. The tech giant has promised to operate all of its data centers with carbon-free power sources by 2030.
Encouraging investment in eco-friendly business practices like this will not only improve the quality of products for consumers in the long run but also ensure that supporting our favorite brands is something that genuinely contributes to building a cleaner environment for all.
"This investment also strengthens SAP economically — we can now develop new products that meet evolving customer, partner, and regulatory expectations," said Mendelsohn.
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