Carbon removal solutions provider Carbonfuture and Swiss Re announced today that they have signed a new biochar carbon removal (BCR) agreement, with Swiss Re purchasing at least 70,000 tonnes of BCR credits, sourced from Carbonfuture partner Exomad Green’s new Riberalta facility in Bolivia.

Biochar, or biological charcoal, is produced by heating biomass, such as forest residue, wood or crop waste, in the absence of oxygen, creating a stable form of carbon, which when buried in soil enables centuries-long carbon sequestration, in addition to leading to improved soil fertility.

Exomad Green’s new facility in Riberalta transforms forestry waste into carbon-sequestering biochar. The company produces biochar brand Technochar, a soil enhancer derived from pyrolysis of sustainably sourced hardwood residues that would otherwise have been burnt, effectively sequestering carbon that would have been released through incineration. In addition to storing carbon and improving soil fertility, Exomad Green said that its biochar supports Indigenous communities, and reduces deforestation and fire risks through sustainable timber waste management.

Diego Justiniano, President of Exomad Green, said:

“This marks one of the first deals for Exomad Green’s new facility in Riberalta, representing a significant milestone in our mission to scale up the conversion of forestry waste into carbon-sequestering biochar at the level our planet urgently needs. This partnership will not only benefit the environment but also bring a wide array of co-benefits to the Riberalta region, a region in need.”

The new contract with Carbonfuture enables Swiss Re to buy further credits from multiple durable Carbon Dioxide Removal (CDR) projects, starting with the biochar project. The agreement includes a combination of carbon removal and avoidance certificates, with the proportion of carbon removal in the mix increasing each year, eventually reaching 100% in 2030. The agreement also includes a requirement for independent third-party monitoring, reporting, and verification (MRV), provided through Carbonfuture’s MRV+ system.

Tom Spencer, Environmental Management Specialist at Swiss Re, said:

“Partnering with Carbonfuture allows Swiss Re to secure a reliable, long-term supply of high-quality carbon removal credits that will aid us in increasing the proportion of carbon removal in our compensation mix to 100% by 2030. Carbonfuture’s robust MRV+ system supports the transparency and quality we need to trust the impact of our carbon removal investments.”

Hannes Junginger-Gestrich, CEO of Carbonfuture, added:

“By providing access to multiple high-quality carbon removal projects under a single contract, we are facilitating Swiss Re’s journey towards achieving their net-zero goals with confidence and efficiency.”