Mizuho Financial Group, Inc. has become the first Japanese bank to join the NextGen CDR Facility as a purchaser of technology-based carbon dioxide removal (CDR) credits, marking a significant advancement in its commitment to achieving net-zero emissions.
The NextGen CDR Facility, operated by NextGen CDR AG—a joint venture between Mitsubishi Corporation and South Pole—aims to promote innovative technologies for extracting CO₂ from the atmosphere. Other participants include Mitsui O.S.K. Lines, Boston Consulting Group, LGT, Swiss Re, and UBS.
Technology-based CDR is recognised for its potential to permanently store CO₂, addressing historical emissions and facilitating net-negative emissions. Mizuho’s involvement underscores the importance of creating a robust market for CDR credits to support technological advancements in this sector.
Shinichi Tsunoda, Operating Officer and General Manager of Mizuho’s Sustainable Business Promotion Department, emphasised the role of carbon credits in equitable decarbonisation efforts. He stated that joint purchasing initiatives like NextGen are essential for funding emerging technologies in the CDR field.
Patrick Bürgi, Chairperson of NextGen CDR AG and Managing Director Japan at South Pole, welcomed Mizuho’s participation, highlighting the critical need for increased involvement in carbon removal initiatives to advance global climate action.
Through this partnership, Mizuho aims to acquire expertise in technology-based CDR projects, contribute to the development of carbon credit markets in Japan, and support the broader implementation of decarbonisation technologies.
