How Boston Consulting Group Built Carbon Removal Into Business
Read the designed version of the Boston Consulting Group Buyer Spotlight.
Why Carbon Removal?
In 2020, Boston Consulting Group (BCG) committed to addressing 100% of its residual emissions using exclusively high-quality carbon dioxide removal (CDR) credits by 2030. In parallel, BCG continues to purchase and retire independently verified carbon credits equivalent to its full annual greenhouse gas footprint each year.
In 2025, CDR comprised 69% of BCG’s carbon credit portfolio, up from 56% in 2024—putting the firm solidly on track to reach its 2030 goal, while also catalyzing critical climate solutions at scale.
BCG has placed particular emphasis on sourcing durable CDR solutions that store captured carbon for the long term. So far, BCG has contracted more than 230,000 metric tons of durable CDR, placing it among the top ten buyers globally.*
BCG achieved this by aligning internal stakeholders, leveraging data, and steadily growing a diversified portfolio. The firm’s progress offers practical lessons for those seeking to initiate and scale a CDR purchasing program.
Aligning Internal Stakeholders
BCG’s carbon program grew from its early climate commitments, now reflected in its Science Based Target Initiative’s (SBTi)-validated target to reach net zero greenhouse gas emissions across the value chain by 2050.
Reducing emissions remains the firm’s priority. In 2025, BCG met its first set of SBTi-validated near-term targets, resulting in a 36% reduction in absolute Scope 1, 2, and 3 emissions since its 2018 baseline year. CDR plays a complementary but essential role, both addressing residual emissions and helping create the demand needed to scale high-quality carbon removal solutions globally.
BCG engaged its finance team early to help the business understand the cost in both the short- and long-term. The sustainability team projected the firm’s emissions to 2030 and modeled an expected cost of addressing its residual emissions via an average price per carbon credit. In 2025, BCG’s blended average carbon credit price was $33 per metric ton of CO2, and the firm expects this could rise to ~$80 by 2030.
The blended approach provided clarity to the finance team and flexibility for the sustainability team. Rather than assessing each purchase in isolation, BCG could absorb varying costs of diverse technologies into financial planning.
Scaling Carbon Removal
BCG’s portfolio started small and has diversified over time. Their portfolio continues to transition in two key ways: 1) increasing the share of removals year over year toward 100% in 2030, and 2) increasing the share of durable CDR as technologies scale and supply expands.
In 2018, the firm started with intermediary purchases, and later moved into direct relationships, including an early deal with Climeworks in 2021 and a biochar purchase with NetZero in 2022.
By 2023, BCG scaled durable removal, signing long-term agreements with three direct air carbon capture and storage developers, including CarbonCapture, 1PointFive, and Climeworks. In December 2024, BCG added a major removal purchase via ClimeFi of more than 50,000 metric tons from a diverse range of durable technologies.
BCG uses a portfolio approach, with purchases spanning biochar, mineralization, bioenergy with carbon capture and storage, biomass burial, and direct air capture. The firm built a base of established suppliers with strong track records of delivery, while leaving room for smaller, earlier-stage suppliers as they mature. Diversification helps BCG achieve its targets even as individual pathways continue to mature at different speeds.
Effective Due Diligence
BCG uses a rigorous, risk-based assessment of quality and integrity that includes systematic due diligence by internal and external specialists and review by a committee comprised of BCG experts and senior leaders. The committee weighs this diligence alongside third-party ratings to ensure a project meets BCG’s strict standards before purchasing.
The process examines both integrity risks—including carbon accounting, additionality, permanence, and leakage—and delivery risks that could prevent contracted volumes from becoming delivered removals. In 2025, 96% of the credits BCG retired were rated BBB or above by the independent ratings company, Sylvera.
Beyond direct purchasing, BCG also participates in the First Movers Coalition’s carbon removal sector and in NextGen CDR, initiatives designed to aggregate corporate demand for carbon removal. Collective procurement can help reduce duplication and enable buyers to build procurement capability more efficiently, ultimately providing more confidence for buyers and project developers alike.
Lessons for Potential Buyers
For BCG, starting early was necessary to deliver its 2030 carbon removal commitment, while supporting the broader scaling of CDR globally. The firm’s experience offers three practical steps for organizations considering their first carbon removal purchase:
Start small – Companies can enter this market at low volume and modest cost and learn from early deals.
Involve finance early – Frame purchases as planned expenditure tied to public commitments rather than discretionary line items, and use expected average carbon credit prices to help build a diverse portfolio over time.
Leverage your strengths – BCG drew on its consulting and market expertise to inform procurement; other companies should apply their strengths to their sustainability strategies too.
*Source: cdr.fyi (September 2026)
