Barclays Strikes First Carbon Removal Deal Using Enhanced Rock Weathering

Enhanced rock weathering company UNDO announced a carbon removal agreement with Barclays, marking the UK bank's first-ever carbon removal purchase, covering more than 6,500 tonnes of CO2 permanently removed from the atmosphere. UNDO will spread crushed silicate rock across 10,000 acres of farmland in Ontario, Canada, where the rock captures CO2 as it weathers naturally before the carbon is transported to the ocean for long-term storage.

Founded in 2022, UNDO's enhanced rock weathering technology accelerates a natural geological process by spreading crushed silicate rock onto agricultural land, where plants and soil microbes speed up the weathering reaction and remove CO2. The process simultaneously enriches soils with essential nutrients, benefiting crop yields. Barclays had previously reduced its Scope 1 and 2 emissions by 95% as of end 2024, and the new carbon removal investment complements its broader net zero operations strategy. The bank has set a goal to be a net zero bank by 2050.

UNDO was recently announced as a $5 million winner in the XPRIZE Carbon Removal competition, providing independent validation of the company's potential for gigaton-scale carbon dioxide removal. Enhanced rock weathering is attracting growing interest from corporate buyers because it delivers permanence — carbon stored in ocean minerals is locked away for hundreds of thousands of years — combined with co-benefits for agricultural soils. These attributes make it attractive for companies seeking high-quality, durable removals to balance residual emissions that cannot be eliminated through operational improvements.

Barclays' entry into the carbon removal market comes after a period of notable controversy around its financed emissions. The bank's Scope 1 and 2 progress combined with the UNDO agreement signals an attempt to demonstrate credible operational climate leadership. For the developing voluntary carbon removal market, deals with major financial institutions are particularly significant, providing revenue certainty and balance sheet credibility that supports technology scale-up. If enhanced rock weathering achieves gigaton scale, it could become a significant and affordable carbon removal pathway relevant to markets including India.

Key figure — 6,500+ tonnes of CO2 to be permanently removed under the agreement