Barclays has entered into an agreement with UK-based climate technology company UNDO to permanently remove 6,538 tonnes of carbon dioxide from the atmosphere. This is the largest enhanced rock weathering (ERW) deal of its kind in Britain by a British buyer.
The agreement involves UNDO spreading finely crushed silicate rock across 10,000 acres of farmland in Ontario, Canada. As the rock weathers naturally, it captures and stores CO₂ while also improving soil quality.
Daniel Hanna, Global Head of Sustainable and Transition Finance at Barclays, said: “Having reduced our Scope 1 and Scope 2 emissions by 95%, we are complementing our core net zero operations strategy by investing in permanent carbon removal. UNDO’s approach to enhanced rock weathering offers the potential for a scalable solution to permanent carbon removal which is pioneering, and one we’re proud to support through this landmark offtake.”
UNDO's technology speeds up the natural process where rocks absorb atmospheric CO₂. The Intergovernmental Panel on Climate Change (IPCC) estimates that if ERW is widely used, it could remove up to four billion tonnes of CO₂ each year—about 40% of what is needed globally to meet climate targets.
This purchase supports Barclays’ ongoing net zero operations strategy. The bank has focused on reducing emissions from its most polluting activities through measures such as real estate changes, energy efficiency upgrades, and switching to renewable electricity sources.
Jim Mann, Founder and CEO of UNDO, stated: “This offtake is a powerful vote of confidence in UNDO’s ability to scale rapidly. With the backing of forward-thinking organisations like Barclays, we are rapidly expanding enhanced rock weathering across farming communities, delivering measurable co-benefits such as stronger soils, healthier crops and higher yields. This landmark offtake validates the expansion of one of the most impactful carbon removal solutions available today.”
By the end of 2024, Barclays had achieved a 95% absolute reduction in its Scope 1 and Scope 2 market-based emissions compared with its 2018 baseline. According to CDR.fyi, no other British company has made a larger purchase of ERW credits.
UNDO aims to remove over one billion tonnes of atmospheric CO₂ using accessible and nature-friendly methods. Since its founding in 2022, it has developed ERW technology that uses existing infrastructure efficiently and claims more than 90 percent carbon efficiency.
Barclays describes itself as a diversified bank with consumer banking services in the UK and US alongside investment banking activities.