Switzerland-based carbon removal start-up Climeworks said that China plays a key role in the race to net zero and that the firm plans to expand its business there.
Speaking exclusively to Xinhua on the sidelines of the St. Gallen Symposium, Climeworks Chief Financial Officer (CFO) Andreas Aepli said, "China is still growing really fast. There are a lot of scale-up plans, and that means an increasing energy need."
"To provide that energy, it's great that China is building up renewable energy. China is also contributing a lot to providing the supply chain for a lot of carbon reduction technologies, whether it's renewable energy, battery technology, or electric vehicles," said the CFO.
"We believe that peaking emissions in China as soon as possible and reaching net zero in 2060 is crucial to limit climate change. We really welcome those ambitious plans and hope to contribute to them."
China has committed itself to the dual carbon goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060.
When asked about his plans in China, Aepli said that China would be a "great place to deploy this technology."
Climeworks designs, builds, and operates direct air capture and storage facilities to remove carbon dioxide from the air and store it permanently underground to fight climate change.
In addition to its carbon removal technology, the company also partners with other suppliers to provide solutions for their corporate clients to reach net zero.
Climeworks' Mammoth plant, the world's largest direct air capture and storage facility in Iceland, will be unveiled next week, Aepli said. The plant is designed for a capacity of up to 36,000 tons per year.
The St. Gallen Symposium is a leading global initiative for intergenerational dialogue on economic, political and social developments. This year's edition took place from May 2 to 3 under the theme of "Confronting Scarcity."
It featured more than 100 speakers, 200 young talents known as "leaders of tomorrow," 500 student volunteers, 1,200 participants, and 70 sessions.