JPMorgan Chase & Co. made one of the largest single corporate purchases to pull carbon from the air: The bank will pay Swiss startup Climeworks $20 million for removal services.
The biggest U.S. bank is making one of the biggest bets ever to remove carbon from the atmosphere as a way to fight climate change.
Valued above USD 20 million, the agreement represents one of the largest purchases to date in the direct air capture (DAC) industry.
In April 2023, Climeworks published a statement calling for a clear distinction between emissions reductions and carbon dioxide removal.
The KIG, which will be voted on in Switzerland on June 18, 2023, is a significant milestone towards achieving Swiss climate targets.
Together with DNV, Climeworks discussed the critical role of monitoring, reporting and verification (MRV) to scale high-quality carbon removal solutions.
Climeworks has been selected as one of CNBC’s Disruptor 50 companies of 2023 for its pioneering and transformative role in the carbon removal industry.
Carbon dioxide is captured from the air and buried underground as part of groundbreaking new technology to slow climate change.
This article was originally published in German in Sustainable Switzerland.
Under the agreement, Climeworks will remove more than 7,000 metric tons of CO₂ from the atmosphere on Partners Group’s behalf, permanently stored underground.
Climeworks outlines its intent to engage in several large-scale DAC projects over the next few years, with the potential to create thousands of direct U.S. jobs in the process.
Emissions reductions and carbon dioxide removal fulfill two fundamentally different purposes in solving the climate crisis and present differing dynamics.
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