Octopus expands US presence with $500m carbon removal deal

Octopus Energy Generation has announced a new carbon removal deal in the US. The renewable energy developer’s fund management arm is set to invest $500m in afforestation projects in the US being developed by climate technology firm Living Carbon.

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Octopus will also additionally invest $13m in Living Carbon’s carbon removal business.

In a statement, the company said the investment will target removals of 50MT of carbon dioxide over 40 years – roughly equivalent to New York City’s annual greenhouse gas emissions. Living Carbon has secured offtake agreements with Google, McKinsey and Meta – members of the Symbiosis Coalition.

"Our partnership with Octopus takes us from early-stage implementation to delivering long-term carbon removal at scale with institutional capital", said Maddie Hall, CEO and founder of Living Carbon. Octopus Energy Generation chief executive Zoisa North-Bond views the involvement of technology behemoths as a growth signal for carbon removal markets. 

“Having industry leaders and the world’s largest tech giants backing these projects sends a powerful signal that the carbon removal market is ready to grow”, she commented. 

“This is a landmark deal for us in the US and a huge step in our mission to invest in solutions that drive the planet toward a cleaner future”, North-Bond added.

In recent years, Octopus Energy has expanded its presence in the US. The company has said it will invest $2bn in the US by 2030. Earlier this year, California governor Gavin Newsom visited the company’s London offices. Alongside his visit, Octopus announced it would invest $1bn in California’s clean energy markets.

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