Zurich has brought forward a target to achieve net-zero emissions in its operations by two decades to 2030 and partnered with Perth-based InterEarth on CO2 removal.

Zurich says it will achieve deep cuts in its absolute carbon emissions this decade, and emissions that cannot be avoided will be removed from the atmosphere.

The insurer has signed several carbon removal agreements, including with InterEarth which uses a new “woody biomass burial” method, in which woody plants grown on previously cleared farmland in Australia are trimmed and the harvested biomass is buried in subterranean chambers to permanently store the carbon captured.

Zurich says it is strategically investing in the developing carbon removal industry and since 2007, the insurer has avoided an estimated 1 million metric tons of CO2-equivalent emissions.

“The urgency of the situation means we need to be proactive and help scale up the carbon removal industry, which is still in its infancy,” CEO EMEA and Bank Distribution Alison Martin said.

Other projects supported by Zurich include Bio Restorative Ideas from Puerto Rico, which plans to convert waste and invasive bamboo to improve soils and possibly use as an additive to concrete, and Oregon Biochar Solutions which repurposes forestry waste and sells it to farms.

Zurich, which is now also looking at direct air capture and storage, aims to have 75% of its managed procurement spend with suppliers that have net-zero targets by 2030.

"Zurich is committed to using every lever available – investments, operations, and products and services – to accelerate the transition and achieve net-zero emissions.”