Climeworks, a Swiss start-up that specialises in sucking carbon out of the air, says it must cut 20% of its global workforce to stay competitive. Why is the “direct-air-capture” (DAC) pioneer taking such a drastic step even as the technology remains essential to addressing climate change? Why is Climeworks in the headlines? The company confirmed on Wednesday it will slash 106 of 498 jobs – 78 in Switzerland – to compete in the “challenging” DAC sector. “After a phase of strong growth, Climeworks is proactively adapting its organisation to maintain agility and efficiency,” the Zurich-based start-up said in a statement. Despite this major setback, the carbon removal firm says it remains firmly focused on the long term. “Today, Climeworks is positioned well technologically and commercially. Climeworks will continue to take its core technology to the next level and will further diversify its commercial offering to broaden its market impact and to solidify its position as the undisputed ...
