Commercial, GHG Emissions - May 24, 2023
JPMorgan Chase Invests in Emerging Carbon Removal Tech
JPMorgan Chase signed long-term agreements to purchase over $200 million in durable carbon dioxide removal (CDR) technologies.
These agreements are expected to lead to the removal and storage of 800,000 metric tons of carbon dioxide equivalent (mtCO₂e) from the atmosphere and will scale up carbon removal.
These deals will also enable the company to match every ton of its unabated direct operational emissions with durable carbon removal by 2030.
“These agreements reflect our ambition to support scale, innovation and evolution in these technologies. Alongside reducing emissions, the world needs significant investment in durable carbon removal solutions with gigaton-scale potential,” said Ashley Bacon, Chief Risk Officer, JPMorgan Chase, in a statement.
JPMorgan Chase announces one of the largest-ever purchases of carbon dioxide removal (CDR) services via direct air capture and storage (DAC+S) from Climeworks. The company signed a nine-year agreement with Climeworks to deliver 25,000 mtCO₂e of carbon removal services.
The investment bank also agreed to purchase Charm CDR for removing and storing approximately 28,500 mtCO₂e over 5 years. Deliveries have already begun for JPMorgan Chase.
The firm signed a Memorandum of Understanding (MOU) with CO280 Solutions, Inc., reflecting the Firm’s intent to purchase up to 30,000 mtCO₂e of CDR per year for delivery over up to 15 years, for an expected total removal of as much as 450,000 mtCO₂e.
JPMorgan Chase recently joined Frontier, an advance market commitment to accelerate carbon removal. The company committed to purchasing $50 million of durable, high-quality CDR credits for its own operational emissions and will provide clients with access to as much as $25 million of credits to help them meet their climate targets.
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