Barclays has signed its first major carbon dioxide removal (CDR) agreement, partnering with British climate-tech firm UNDO in what is the UK’s largest enhanced rock weathering (ERW) deal to date.
Under the agreement, UNDO will deliver 6,538 tonnes of permanent carbon removal through its operations in Ontario, Canada, where finely crushed silicate rock will be spread across 10,000 acres of farmland. The process accelerates natural weathering, drawing CO₂ from the atmosphere while boosting soil health and crop yields.
The partnership is also notable for its pre-financing structure, which will support UNDO’s expansion and long-term ambitions. The XPRIZE-winning company aims to scale ERW to the billion-tonne level, spreading millions of tonnes of rock annually. Its client roster already includes Microsoft, British Airways and McLaren Racing.
For Barclays, the deal marks a significant step in its multi-year net zero strategy, which combines permanent carbon removals with measures such as real estate consolidation, energy efficiency upgrades and renewable energy sourcing. Daniel Hanna, the bank’s Global Head of Sustainable and Transition Finance, said Barclays had already cut its Scope 1 and 2 emissions by 95 per cent.
“UNDO’s approach to enhanced rock weathering offers the potential for a scalable, pioneering solution to permanent carbon removal, which we are proud to support through this landmark offtake,” Hanna said.
UNDO founder and chief executive Jim Mann described the deal as “a powerful vote of confidence” in ERW. “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.”
