A concrete way to permanently store CO2

Deloitte Canada reaches agreement for carbon credits with CarbonCure Technologies, supporting permanent storage of carbon dioxide in concrete

TORONTO, Nov. 22, 2023 /CNW/ - As part of Deloitte Canada's commitment to sustainability and climate action, the firm announced its multi-year agreement with CarbonCure Technologies for the purchase of high-quality carbon credits. Through this agreement, Deloitte will directly support the deployment of CarbonCure's carbon removal technologies around the globe.

Recognized as the North American Cleantech Company of the Year in 2020, and grand prize winner of the Carbon XPRIZE in 2021, CarbonCure is one of the leading Canadian carbon removal technology companies. Their technologies inject captured and liquefied CO2 from industries and Direct Air Capture (DAC) into concrete. This not only permanently stores CO2, but increases the concrete's strength, resulting in economic and climate benefits.

The multi-year agreement helps evolve Deloitte's carbon management strategy to support development and scale of meaningful market solutions.

"Corporate buyers play a critical role as an early investor in climate solutions that enable decarbonization of high-emitting industries and permanent carbon removal. Supporting the development and verification of high-quality carbon removal credits is crucial to scale the gigaton market that is needed to meet net-zero," says Sheri Penner, Managing Partner of Purpose and Sustainability at Deloitte Canada. "As part of Deloitte's commitment to a 1.5-degree aligned science-based target, we are pleased to support Canadian clean technology innovations with CarbonCure."

Harnessing cutting-edge technologies, CarbonCure blends CO2 with concrete ingredients, transforming it into a substance that enhances the strength of concrete while reducing the reliance on its key, carbon-intensive ingredient, cement. Cement manufacturing accounts for an estimated 7 per cent of global carbon dioxide emissions - three times the CO2 footprint of global aviation.

Concrete is the world's most utilized construction material with approximately 30 billion tons poured each year. CarbonCure's leading technology for ready mix concrete reduces this environmental impact generally by about 5 per cent per truckload.

"Entering this agreement with Deloitte Canada is pivotal in our mission to make a positive impact on the construction industry's environmental footprint, accelerating the global deployment of our solution," says Robert Niven, CEO of CarbonCure. "Together, we can drive innovation and sustainability to new heights."

The Intergovernmental Panel for Climate Change (IPCC) recognizes the importance of carbon removals in achieving Net-Zero and limiting global temperature increase to 1.5°C. Deloitte Canada is proud to be at the forefront of this movement, actively working to scale the supply of carbon removals and promote high-integrity carbon credits.

Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients' most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.

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SOURCE Deloitte & Touche