In recent years, Danish ICMIF member LB Forsikring has had a focus on reducing its emissions. However, the mutual insurer now finds it has residual emissions which it is currently unable to reduce itself. Therefore, LB Forsikring has announced that it will collaborate with Klimate.co on the CO2 capture of 50 tons of CO2 annually for the next three years, which corresponds to the insurer’s current emissions for its own activities during this period.
“As an insurance company, climate change is a very concrete challenge. Our vision is to prevent damages from happening and developing. This also applies to climate risks. As the Intergovernmental Panel on Climate Change and other experts point out, society has emitted and unfortunately still emits CO2 to an extent where we need to figure out how to not only reduce, but also eliminate that pollution,” says Head of Sustainability at LB Forsikring, Mikkel Minor.
LB Forsikring says CO2 capture must never be an excuse for not working determinedly to reduce emissions, and this is a difficult subject. Therefore, it has been crucial for LB Forsikring that Klimate.co works according to the Oxford Principles for Net Zero Aligned Carbon Offsetting, which are:
- Reduce emissions and use high-quality climate compensation
- Switch to CO2 capture instead of climate compensation
- Switch to long-term storage of CO2
- Support the development of climate-neutral compensation
In addition, the CO2 capture from the projects is third-party verified and made publicly available on Klimate.co’s website. The projects initially consist of a combination of technology- and nature-based solutions including biochar, enhanced weathering, aquatic biomass sinking and direct air capture.
LB Forsikring says that with the collaboration with Klimate.co, it looks forward to learning more about this field, while helping to support the development of the field and ensure concrete action.
