The future of carbon removal… today!
The NextGen CDR Facility (NextGen) is powered by South Pole and Mitsubishi Corporation, with backing from founding buyers Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS.
To purchase +1 million certified, long term carbon removals by 2025
Who we are
NextGen, a collaboration drawing on the expertise of South Pole and Mitsubishi Corporation, is the first truly global facility of its kind, bringing together leading multi-national buyers from across Asia, Europe, and North America to promote the market for high quality, certified carbon removals (CDRs) from technological projects.
NextGen’s unique combination of deep market expertise, international networks, and strong financial backing help companies to unlock the financing needed to scale carbon removal solutions.
NextGen’s goal is to build a market for credible, scalable carbon removal by supporting projects that remove atmospheric CO2 emissions at scale.
NextGen’s commitment to exclusively purchase carbon removals certified under ICROA standards ensures the transparency and credibility of each CDR, while providing standardization to address reputational and delivery concerns that can be associated with innovative technologies or emerging methodologies.
NextGen has been specifically designed for corporate buyers committed to Net Zero targets, making permanent, high-quality CDRs accessible at a target price of $200/t.
All CDRs purchased through NextGen will be retired by buyers in a public registry, ensuring that CO2 removed from the atmosphere are not reused to compensate for new emissions.
What makes NextGen unique?
A target price of $200/t across a diversified portfolio of CDRs at a price that aligns with corporate needs, while providing the risk management to ensure supply can be delivered to meet Net Zero requirements.
Projects supplying CDRs must be operating at scale by 2025, with plans to remove millions of tonnes by 2030 to ensure NextGen is generating an immediate and sizable impact in addressing the climate challenge.
A diverse global portfolio of carbon removal technologies
NextGen purchases CDRs from projects using a range of technological approaches that offer significant potential to scale:
Biomass Carbon Removal and Storage (BiCRS)
Direct Air Capture and Storage (DACS)
How it works: CO2 is removed directly from the atmosphere, where it can be stored in geological reservoirs or long-lived products such as cement.
How it works: CO2 dissolved in rainwater reacts with finely ground silicate rocks spread over land, and is durably stored as carbonate minerals in soils and oceans.
How it works: Biomass is subjected to high temperatures (>550°C) to lock in CO2 as biochar, which is applied to soils and improves soil fertility properties.
How it works: CO2 from atmospheric or biogenic sources reacts into a solid form and is stored in long-lived materials.
Projects must be operational by EOY 2025 and be producing at scale:
• BiCRS/ DACS: At least 10Kt/year.
• High-temperature Biochar/Product Mineralization/Enhanced Weathering: At least 5Kt/year.
Project removes quantifiable atmospheric or biogenic emissions.
NextGen was established to help bridge the lack of support for innovative carbon removal technologies and projects that will impact their scaleup of CDRs by 2030. Establishing a credible new market to compensate for removing CO2 from the atmosphere is necessary to reach net zero emissions, and innovative technology companies that can rapidly scale this activity need support through purchases to access the necessary financing to commercialize.
Without creditworthy revenue sources, shovel-ready CDR projects are not viewed as having the revenue to repay their debts, jeopardising their ability to borrow to cover the high capex costs for projects that the IPCC has highlighted as necessary to meet the climate goals of the Paris Agreement.
No, all NextGen buyers are committed to carbon removals as an additional activity to decarbonization efforts, and will retire CDRs to ensure they are not being used to support activities misaligned with limiting warming to 1.5°C .
Expertise: Hiring the technical expertise or setting up a new team to manage projects is a difficult and expensive exercise.
Quality: NextGen emphasis on independent certification and delivery ensures CDRs meet recognized standards to ensure credible net zero targets.
Pipeline: NextGen leverages the origination channels and certification expertise of South Pole and Mitsubishi Corporation to ensure buyers have access to best-in-class projects.
Diversification: Higher risk associated with individual project contracting vs. purchasing from a diversified portfolio.
Pricing: NextGen can secure attractive pricing due to economies of scale and market expertise, while offering built-in mechanisms to ensure buyers receive the best prices to realize an average target price of $200/t.
Market Insights: Collaboration with leading corporations that are developing the carbon removals sector, along with informational events for industry insights and project deep dives
South Pole and Mitsubishi Corporation – in conjunction with NextGen buyers – assess every project for their environmental and social impact, along with the quality and delivery risk.
NextGen ensures that all projects will be independently certified and verified under ICROA-endorsed standards, providing transparency in terms of measurement and verification of removals, as well as retirement of CDRs.