World’s Largest Carbon Capture Plant To Store 9 Million Tons Of CO2 Annually

ICELAND – The NextGen CDR Facility, a collaboration between the Swiss carbon finance consultant South Pole and the Japanese conglomerate Mitsubishi Corporation, has announced the purchase of 193,125 tonnes of carbon dioxide removals (CDRs) from three projects, producing the world’s largest portfolio of CDRs.

The purchase accounts for 25 percent of all CDRs purchased to date and provides more than 1,000 years of CO2 storage once delivered, according to a press release by South Pole publsihed last week.

With an average target price of $200/t, NextGen intends to make permanent CDRs affordable for corporate buyers, enabling risk diversification through a portfolio approach.

Numerous carbon removal technologies are represented in the portfolio, such as biomass carbon removal and storage, direct air capture and storage, improved weathering, high-temperature biochar, and product mineralization.