A reinsurance company geared up to support the transition to a zero economy by 2050, by signing the world's first long-term agreement to purchase direct air capture and carbon dioxide storage equipment for $ 10 million over 10 years.

Swiss Re strategized its policy to achieve net zero emission goal of Paris Agreement, and is investing in carbon dioxide air capture technology, to combat climate change.

The company is to invest $10m in the agreement for carbon storage and removal. Swiss Re has signed a 10-year agreement with, Climeworks, to acquire means to remove carbon from its direct gas capture (DAC) and associated carbon. It is considered the safest and most reliable carbon removal solution on the market. Moreover, the company united to collaborate on developing data of risk management and risk transfer solutions, furthermore as exploring future investments and project funding opportunities.

Christian Mumenthaler, Chief Executive of Swiss Re’s group said "To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of, emission reductions. He further added “By partnering with Climeworks we can play to our strengths in this endeavour, as a risk-taker, investor, and forward-looking buyer of climate solutions”.