Catherine Clifford of CNBC reports that JPMorgan will purchase $200 million worth of carbon removal.
- The banking giant will purchase long-term agreements to remove and store 800,000 metric tons of CO2, which is equivalent to removing almost 180,000 cars from the road.
- Part of JPMorgan’s plan includes a $20 million, nine-year agreement with direct air capture company Climeworks to remove 25,000 metric tons of carbon dioxide from the atmosphere.
- JPMorgan’s investment is important for galvanizing the carbon removal industry, which will play a vital role in addressing climate change.
- Private entities and government agencies must work together to monitor and verify carbon removal techniques to provide even more legitimacy to the industry.
“JPMorgan also signed a deal with Charm Industrial, a carbon storage company that converts excess organic material such as corn stover — the stalks, leaves and cobs that remain in fields after the corn harvest, and which would otherwise decay and release carbon dioxide into the air — into a bio-oil and then put that oil into the ground in abandoned oil wells. The deal with Charm aims to remove and store the equivalent of approximately 28,500 metric tons of carbon dioxide over five years.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
