(Finance) – Airbus and a group of airlines have signed letters of intent to discuss the purchase of carbon removal credits to offset emissions from air travel. The European aircraft manufacturer, Air Canada, Air France-KLM, easyJet, International Airlines Group, LATAM Airlines Group, Lufthansa Group and Virgin Atlantic.
Direct Air Carbon Capture and Storage (DACCS) is a technology that provides the filtering and removing CO2 emissions directly from the air using high-powered fans. Once removed from the air, the CO2 is permanently stored in geological reservoirs.
As the aviation industry is unable to capture CO2 emissions released into the atmosphere at source, a solution of direct carbon capture and storage in the air would allow the sector to extract the equivalent amount of emissions from its operations directly from atmospheric air.
The airlines have committed to start negotiations on the possible pre-purchase of carbon removal credits starting from 2025 until 2028. Carbon removal credits will be issued by the Airbus partner 1PointFivea subsidiary of Occidental. Airbus’ partnership with 1PointFive includes the pre-purchase of 400,000 tons of carbon removal credits to be delivered over four years.