Our climate commitment: Zendesk signs its first offtake agreement to scale carbon removal technology
Published May 19, 2023
Zendesk has made a significant step towards a more sustainable future by signing our first carbon removal offtake agreement. Through Watershed’s strategic partnership with Frontier, who work together to help expand access to essential carbon removal technologies, we are proud to be part of a $53 million purchase to help Charm Industrial remove and permanently store 112,000 tons of CO2 underground.
Watershed customers like us and Canva, along with Frontier founding members, including Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, collectively contributed to the purchase, which will take place from 2024 to 2030.
The offtake agreement establishes a contractual commitment to buy carbon removal in the future at a predetermined price once it is delivered, and helps companies to secure capital for expansion by assuring investors of future demand.
“The support of Zendesk was critical for us to get to where we are today as a leader in permanent carbon removal. Their ongoing investment – most recently via Watershed’s partnership with Frontier – enables us to continue to scale our operations and grow our climate impact.” – Katie Holligan, Head of Operations, Charm Industrial
Charm Industrial removes carbon from the atmosphere through Biomass Carbon Removal and Storage (BiCRS) technology. Their process involves transforming inedible waste plant biomass, which naturally captures CO2 during photosynthesis, into bio-oil. This bio-oil is then injected into EPA-regulated wells, where bio-oil sinks and solidifies, permanently storing the captured carbon.
BiCRS technology is one of the most promising solutions to remove carbon permanently from the atmosphere at scale, and Charm Industrial is a leading pioneer in the space. To date, they have delivered over 6,000 tons via pilot processes; as Charm’s approach scales, today’s agreements would remove nearly 20 times more carbon
At Zendesk, embracing sustainability is core to our company culture and values. We believe in Charm’s technology and were supporters of the company in its early stages. Our partnership is a continuation of our climate commitment, and we have full confidence that this will play a pivotal role in accelerating Charm’s growth, delivering significant impact from now until 2030.
Learn more about our sustainability strategy and our commitment to corporate responsibility here.