Zurich has partnered with Perth-based InterEarth on CO2 removal as it targets net-zero emissions across its operations by 2030.

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.

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

“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.