Swiss Re and Climeworks are partnering to combat climate change. The partners signed the world's first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth USD 10 million over ten years. For Swiss Re, the collaboration marks a milestone towards its goal of reaching net-zero emissions in its own operations by 2030. The partnership is also a sign of Swiss Re's support for the carbon removal industry and gives the Group early access to the new carbon removal risk pools and asset classes. Both the length of the term of ten years and the total value of USD-10-million are so far unmatched in the voluntary market for this type of high-quality carbon removal, sending an important demand signal to developers, investors and other buyers. The companies also agreed to collaborate on developing risk management knowledge and risk transfer solutions, as well as to explore future investment and project finance opportunities. The technological carbon removal solution offered by Climeworks in Iceland filters carbon dioxide (CO2) from ambient air using geothermal energy. The captured CO2 is then sent for permanent storage in nearby rock layers. It is dissolved in water and pumped deep underground, where it reacts naturally with the surrounding basalt rock to form stable carbonate minerals - the CO2 literally turns into stone. This is considered the safest, most durable form of all carbon removal solutions that are commercially available today.