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CUR8 to manage portfolio of 33,000 carbon credits as part of $11m deal that makes BA the airline industry's largest buyer of carbon removals
British Airways has today inked an $11m deal with CUR8 to buy 33,000 tonnes of carbon removals credits as part of a six-year offtake agreement, making the carrier the airline industry's largest supporter to date of the nascent carbon removals industry.
The deal is part of the airline's renewed efforts to accelerate climate action and forms part of a plan that sees UK national carrier anticipate that roughly one-third of its journey to net zero by 2050 will be delivered through carbon removal credits, with the rest of the projected emissions savings coming from new aircraft technologies, operational efficiencies, and sustainable aviation fuel (SAF).
Though small in comparison to the airline's total emissions, the 33,000 tonnes of carbon removal credits purchased represent one of the world's largest carbon removal portfolio offtake agreements to date, according to CUR8 and BA.
CUR8 will manage the credit generating portfolio of six projects, including a Scottish scheme pioneering permanent storage of whisky distillery emissions within building materials, Indian biochar initiatives, and a first-of-a-kind approach to 'stacking' reforestation credits from Welsh Sequoia trees and novel ocean and river projects in North America.
"As we approach the halfway point in this critical decade of action, we're sharpening our focus on delivering real, tangible progress by 2030," said Carrie Harris, director of sustainability at British Airways. "We know flying has a significant impact on the planet, and achieving net zero by 2050 requires bold, innovative action today, as well as long-term transformation."
British Airways has previously bought removals credits from 1PointFive, a global direct air capture developer that aims to have the world's first plant capable of reaching megatonne scale, in tandem with CUR8.
In addition, CUR8 developed the world's first carbon removal forward-financing model alongside British Airways and Standard Chartered Bank last year.
"This partnership with CUR8 reflects our commitment and we're delighted to be working with them again," Harris added. "While small in comparison to our total emissions, the projects within this portfolio are crucial in stimulating the carbon removals market.
"By supporting pioneering solutions, we're not only contributing to immediate progress but also laying the groundwork for the large-scale changes needed to meet our climate goals. There is no pathway to net zero for aviation without carbon removals."
According to today's announcement, the latest removal credits were sourced, evaluated and procured via CUR8's scientific due diligence process, which is in line with the Revised Oxford Offsetting Principles.
"British Airways understands that carbon removals are not a nice-to-have, but an essential part of the aviation sector's net zero journey," said Marta Krupinska, CEO of CUR8. "We've been proud to partner with this aviation leader to build a portfolio that combines the best of nature and human engineering, stretching from UK soils to the oceans and rivers of Canada.
"At CUR8, we bring together the world's leading scientists and climate software to help organisations source and manage carbon removals to help de-risk their net zero future. British Airways is a leading brand that recognises that with this early investment, it can help to make an impact not only for themselves but for the industry at large."
The deal follows a recent flurry of high-profile carbon removal announcements, including tech giant Meta's announcement of a long-term contract with Brazil's BTG Pactual Timberland Investment Group to deliver an initial 1.3 million nature-based credits and news last week that e-commerce firm Shopify has launched a dedicated online platform to enable carbon credit suppliers to sell "with as much simplicity and scale" as any other merchant using the company's services.
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