Mizuho buys tech-based carbon dioxide removal credits

It has joined a joint carbon credit facility to promote and disseminate such technologies.

Mizuho Financial Group has joined NextGen CDR Facility as a buyer of technology-based carbon dioxide removal (CDR) credits.

This makes Mizuho the first Japanese bank to conclude a long-term purchase agreement for said credits, MFG said in a press release on its website.

The NextGen CDR Facility is a joint carbon credit purchasing facility operated byNextGen CDR AG, which is a joint venture of Mitsubishi Corporation and South Pole, the world's leading carbon asset developer and climate consultancy.

The facility aims to promote and disseminate technologies for removing carbon dioxide from the atmosphere.

Mitsui O.S.K. Lines, Boston Consulting Group, LGT, Swiss Re, and UBS are already participating as carbon credit buyers.

Through participating in the NextGen CDR Facility, Mizuho said that it will acquire knowledge of the characteristics of technology-based CDR projects, alongside expertise for resolving issues in the distribution of carbon credits.

Mizuho said that it plans to design frameworks and develop trading market platforms to create a market for technology-based CDR in Japan.