JPMorganChase purchased 50,000 metric tons of carbon dioxide removal (CDR) credits over 10 years enabled by Direct Air Capture (DAC). 

The agreement with 1PointFive, a carbon capture, utilization, and sequestration (CCUS) company, demonstrates the increasing adoption of durable carbon removal technologies that help organizations achieve their sustainability goals and support the development of vital energy infrastructure in the U.S. It is part of the bank’s strategy to address operational emissions and also helps establish a market for high-quality and durable carbon removal credits.

The CDR credits for JPMorganChase will be produced from STRATOS, 1PointFive’s first DAC facility in Texas that is starting up this year. As a subsidiary of Occidental, 1PointFive is leveraging more than 50 years of carbon management expertise and major projects experience to deliver commercial-scale DAC.

The captured carbon dioxide underlying the credits will be stored through saline sequestration.

“With STRATOS set to be commercially operational this year, JPMorganChase is proud to support large scale deployment of DAC technology. This offtake agreement builds on our diverse, high-quality portfolio of carbon removal projects to address our unabated operational emissions and aligns with our ongoing efforts to help scale the growth and development of carbon removal technologies,” said Taylor Wright, Head of Operational Decarbonization, JPMorganChase, in a statement.