Climeworks, a Swiss unicorn specializing in carbon capture technology, is actively seeking investors in Hong Kong for its ambitious projects, which are expected to cost between US$2 billion and US$3 billion. The company's co-founder, Christoph Gebald, has emphasized the necessity for long-term investment, ideally from investors willing to commit for a 20-year horizon. This move comes after Climeworks successfully raised US$650 million in April 2022, which valued the company at over US$1 billion. Currently, Climeworks operates the world's largest carbon capture plant, Orca, in Iceland, which captures 2,000 tonnes of CO2 annually. The company is also developing a second plant, Mammoth, in Iceland, set to capture 10,000 tonnes, and a third facility in Louisiana that aims for a capacity of 200,000 tonnes. Climeworks has set ambitious targets, aiming for an annual capacity of 2 million tonnes by 2030 and 1 billion tonnes by 2050. This goal aligns with the broader need for 2.45 billion tonnes of carbon capture capacity by 2050 to limit global warming to 2.6 degrees Celsius. However, it is noteworthy that only 10% of announced carbon capture projects are currently operational. Climeworks has already secured commitments from major firms including Morgan Stanley and JPMorgan Chase, indicating strong interest in its innovative approach to tackling climate change. Meanwhile, the Carbon Capture and Storage Association (CCSA) in the UK is urging Chancellor Jeremy Hunt to enhance the existing £20 billion commitment to the sector, advocating for an annual investment of £2-3 billion starting in 2028. The CCSA argues that increased funding is essential for the UK to lead in carbon capture, usage, and storage (CCUS) technologies. The UK government has pledged £1 billion per year for 20 years beginning in 2024, but the CCSA seeks clarity on the timing of these funds to attract further investment. The UK’s CCUS ‘Vision’ paper released in late 2023 outlines a competitive allocation process for projects set to launch in 2027, emphasizing the urgency of accelerating carbon capture initiatives. [65550708][5465f233]