Drax Partners with Patch to Enhance Carbon Credit Offering
With the Patch Radius software solution, Drax customers will be able to seamlessly purchase from a number of portfolios of carbon credits, including those from BECCS by Drax.
HOUSTON, Nov. 8, 2023 /PRNewswire/ -- Carbon dioxide removals ("CDRs" or "carbon removals") and renewable energy company, Drax Group, has today partnered with Patch, a climate technology company that is building digital infrastructure for the carbon market of the future.
Patch's software helps voluntary carbon market participants buy, sell, and manage credits. With the Patch Radius software solution, Drax customers will be able to seamlessly purchase from a number of portfolios of carbon credits, including those from BECCS by Drax.
Drax has the ambition to become a global leader in carbon removals through the implementation of bioenergy with carbon capture and storage (BECCS) technology, with the aim of capturing 14 million metric tonnes of carbon removals a year by 2030. Supporting Drax's ambition in carbon removals, this partnership aims to accelerate the carbon market by facilitating carbon credit sales to companies of all sizes looking to achieve their climate goals.
"A strong carbon market will be essential to accelerating the deployment of technologies like BECCS, and business and organizations need to invest in building it now, if we are going to see removals at the volume needed to limit warming to 1.5°C," said Marc Bradbrook, SVP Business Development at Drax. "We are delighted to be entering a partnership with Patch which we hope will enable us to better engage with customers in the carbon credit market and scale this critical industry."
High integrity carbon credits are increasing in demand as more organizations look to hit their decarbonization targets. In addition to using the Patch software to facilitate the sale of BECCS by Drax credits to Drax customers, Drax also plans to submit BECCS by Drax credits to be evaluated against Patch's project acceptance criteria. Once successfully onboarded, BECCS by Drax credits will be available to Patch's broader network of customers.
"Drax is leveraging Patch Radius to deliver to its customers exactly what they're looking for: a way to seamlessly access carbon credits," said Jan Mertens, VP of Global Revenue at Patch. "We're excited to partner with Drax to enable more companies to understand and engage with a range of carbon credits."
Drax has agreed deals with Respira for up to two million metric tonnes of carbon removals, and C-Zero, and is continuing to see commitments from emerging players across industries in this space.
Scientists at the UN's Intergovernmental Panel on Climate Change have reached consensus that the world needs to remove and manage gigatons of carbon dioxide to meet the goals of the Paris Agreement.
To learn more about carbon removals at Drax, visit: draxcarbonremovals.com.
Media contacts:
Grant Stoker
Communications Manager
E: [email protected]
T: 318.376.3358
About Drax
Drax Group's purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) technology.
Drax's around 3,000 employees operate across three principal areas of activity – electricity generation, electricity sales to business customers and compressed wood pellet production and supply to third parties. For more information visit www.drax.com
About Patch
Patch is the infrastructure powering the carbon market of the future. Patch software brings together corporate buyers, project developers, financiers, and policymakers to increase transparency and modernise climate action. Companies like Credit Suisse, Bain & Company, and Aviva use Patch to access the broadest network of vetted carbon credits available through direct purchases, multi-year offtake agreements, and digital transactions through an API. With over 400 million tonnes of carbon actively managed on Patch, project developers also look to Patch to streamline operations and scale their impact. To help rebalance the planet, visit patch.io.
View original content to download multimedia:https://www.prnewswire.com/news-releases/drax-partners-with-patch-to-enhance-carbon-credit-offering-301981283.html
SOURCE Drax
