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.
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