Durable Carbon Dioxide Removal Credits – Emerging as an Asset Class

Durable Carbon Dioxide Removal Credits – Emerging as an Asset Class

Sep 12, 2025 6 minutes An Interview with Bjørn Sibbern, CEO SIX

Removing CO₂ from the atmosphere is essential for companies and countries to achieve their net-zero goals. Read the interview with Bjørn Sibbern, CEO SIX, to discover how a new asset class could stem from durable carbon dioxide removal credits, and what role a stock exchange operator can play in this process.

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Bjørn Sibbern has been the CEO of SIX since January 2025. Previously, he headed the stock exchange business as Global Head Exchanges and was a member of the Group Executive Board. Prior to joining SIX, he was with Nasdaq, where he held positions including Executive Vice President and President of European Markets. He was also CEO at E*TRADE Bank Denmark, and occupied key positions with OMX and Stocknet Norway.

Mr. Sibbern, why is now a good time for companies to buy durable carbon dioxide removal certificates, or CDR credits for short?

It’s not up to me to determine if or when a company should buy CDR credits, but one thing is clear: There are several good reasons for doing so. As more and more companies commit to net zero, demand for high-quality CDR credits is rising while supply remains scarce. Early movers can secure multi-year agreements at better prices, build internal capabilities, and be compliance-ready as policy frameworks advance. That’s not just climate leadership; it’s a competitive advantage.

What role can SIX play in this, particularly for listed companies?

We can show companies what solutions are available. Just as we assist them when it comes to index questions or regulatory issues, we can also advise them on reliable, traceable, and certified CDR credits. It’s about creating awareness of upcoming regulations and highlighting business opportunities.

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What are Durable Carbon Dioxide Removal Credits?

From a corporate perspective, it’s certainly the right approach to first reduce emissions, and thus the carbon footprint, as much as possible. But in most cases, that won’t be enough to reach the net-zero objectives. A company has to consider how it can balance the unavoidable CO2 emissions. One possibility is to purchase carbon dioxide certificates by investing in reforestation projects, for example. 

However, durable carbon dioxide removal credits (CDR credits) have a greater impact. Through these, companies support technologies for the removal of CO2 from the atmosphere and the safe storage of carbon. Each credit represents one metric ton of CO2 that has verifiably been removed from the atmosphere, tracked end-to-end, and digitally recorded in a register to ensure transparency. After the purchase, the company receives the certified CDR credits that it can include in its climate balance sheet.

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At the start of 2024, SIX invested in Carbonfuture, a leading provider of digital infrastructure for tracking of the durable carbon dioxide removal market. Why?

We believe that CDR credits will one day become a tradable asset class. This isn’t something we can do alone. Carbonfuture is a specialist in end-to-end digital infrastructure in this market and has the necessary expertise: The company identifies suppliers that remove carbon dioxide, ensures verification, and operates the world’s largest platform for issuing trusted high-quality credits for durable CDR. With Carbonfuture as a strategic partner, we can provide our clients with expert advice and support them in their handling of CDR credits.

What is needed for the CDR credits segment to scale and become a tradable asset class?

To begin with: Demand. Companies need to commit to net zero and acknowledge their need to balance unavoidable emissions. Second: Supply. We need enough high-quality technology suppliers who verifiably and permanently remove carbon dioxide. That can happen in a number of different ways. And third: Infrastructure – a reliable, centralized marketplace that transparently connects both sides.

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What Technologies Are There for the Durable Removal of Carbon Dioxide?

Three of the most commercially scalable methods of long-term carbon dioxide removal are biochar carbon removal, bioenergy with carbon capture and storage, and direct air capture and storage.

Biochar Carbon Removal
Plants absorb CO2 through photosynthesis, but release it again when they decompose or burn – some of it even as methane. Biochar carbon removal prevents this: Biomass is heated in the absence of oxygen, transforming it into a stable form of carbon that remains permanently stored.

Bioenergy with Carbon Capture and Storage
In a typical process for converting biomass into energy, biomass is burned to generate electricity, heat, or fuel. This releases CO2 back into the atmosphere. Bioenergy with carbon capture and storage breaks this cycle. The system captures the CO₂ on-site, preventing it from being released again.

Direct Air Capture and Storage
In direct air capture and storage, ambient air is drawn in and CO2 is bonded in chemical filters. The CO2 can then be purified, compressed, and either used industrially (e.g. for synthetic carbon or as construction material), or permanently stored in rock layers.

Read more about carbon dioxide removal technologies.

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What might such a marketplace for CDR credits look like?

Today, trading of CDR credits takes place through direct brokerage in bilateral negotiations and over-the-counter. If supply and demand grow, the next step is a transparent marketplace with fair pricing and reliable data, price feeds, and maybe even indices. That’s what defines an asset class: standardization, liquidity, and data transparency.

We’re not there yet, but that’s our vision and one reason why we invested in Carbonfuture. In three to five years there could be a market in which suppliers sell their CDR credits and companies buy them. We could then also have them on our platform as tradable assets – similar to how we have done it with bonds or cryptocurrencies in the form of exchange-traded products.

Is the voluntary market for CDR credits sufficient to generate the necessary demand, or is regulation needed?

In my view, the two go hand in hand. Voluntary demand is already driving early adoption – many companies, including SIX, are committing to net zero and addressing their residual emissions with durable removals. Regulation can accelerate the process: In countries like Switzerland climate reporting and net-zero targets by 2050 are already mandatory, in many others they are under development. But even without regulatory pressure, anyone wanting to take responsibility and reduce their carbon footprint will have to rely on the removal of carbon dioxide.

You have indicated that SIX itself also balances CO₂ emissions. Why and how?

To begin with, it’s about assuming responsibility as a company and doing our part. Sustainability is a key component of our strategy, and the reduction of CO2 emissions is a part of that. We reduce where possible, but there are residual emissions. We balance these with CDR credits – purchased via a multi-year agreement with Carbonfuture. At the same time, this is a form of learning by doing: We have invested in Carbonfuture and want to test their solutions ourselves.

What makes you optimistic that we will reach our climate goals by 2050?

It’s not up to me to evaluate political objectives. But what makes me optimistic is that we know how to build trusted markets. Stock exchange operators like SIX have always provided the infrastructure that turns emerging ideas into investable asset classes.

If we get this right for CDR credits, companies will receive a clear path to achieve net zero, and suppliers will be rewarded fairly for their contribution. Consequently, I am confident that CDR credits will not just bring us closer to our climate goals, but will also evolve into a recognized and credible asset class.

SIX and Carbonfuture: Developing a Reliable Ecosystem

For companies looking to achieve their net-zero targets effectively, durable carbon dioxide removal credits (CDR credits) are set to play a major role alongside emission reductions and decarbonization of business activities.

SIX has partnered with Carbonfuture to meet the growing demand for a reliable, traceable, and integrity-based infrastructure for CDR credits.

Find Out More about Carbon Dioxide Removal

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