Octopus Energy has issued a "landmark" announcement to all 10 million customers, revealing plans to remove polluting CO₂ from the atmosphere. The company, which serves customers in the UK and globally, has agreed a major US deal that will help cut up to 50 million tonnes of CO₂ – equivalent to eliminating the annual greenhouse gas emissions of New York City.
The deal pushes Octopus closer to its ambitious $2 billion US investment target. With the new funding, Living Carbon will be able to remove up to 50 million tons of carbon dioxide over the next 40 years. Across the US, roughly 130 million acres of land lie degraded and could be reforested.
Octopus has tens of thousands of customers in the US, but 10 million globally. Its eco-friendly push will benefit future generations across the entire planet.
CEO Comments on the Landmark Deal
Zoisa North-Bond, CEO at Octopus Energy Generation, said: "This is a landmark deal for us in the US and a huge step in our mission to invest in solutions that drive the planet toward a cleaner future. Having industry leaders and the world's largest tech giants backing these projects sends a powerful signal that the carbon removal market is ready to grow. Nature itself is a remarkable force for capturing carbon – by restoring these ecosystems, we can make a real difference for both rural communities and the climate."
Maddie Hall, Founder and CEO at Living Carbon, added: "Our partnership with Octopus takes us from early-stage implementation to delivering long-term carbon removal at scale with institutional capital. This is a sign that this market is maturing into real project finance as corporate commitments to net-zero increase."
Additional Investments and Targets
Octopus is also increasing its investment to a total $100 million in nature-based solutions provider Cultivo to restore degraded grasslands in the US. The latest deal pushes Octopus Energy Generation closer to its ambitious target of directing $2 billion into US clean energy by 2030, with a significant proportion in California’s world-leading clean tech scene.
