JPMorgan Chase has signed long-term agreements to purchase over $200m in carbon dioxide removal (CDR), one of the largest carbon removal purchases announced to date. The agreements, which are set to remove and store 800,000 metric tons of carbon dioxide globally, reflect the bank’s ambition to support scale, innovation and evolution in CDR technologies. The purchases are expected to enable the firm to match every ton of its unabated direct operational emissions with durable carbon removal by 2030. The move comes as the market for carbon removal is expected to grow dramatically between now and 2050. JPMorgan Chase’s efforts include purchasing bio-oil CDR from Charm Industrial, one of the largest carbon removal agreements ever announced with CO280 Solutions, and a $75m commitment to Frontier to help accelerate CDR technologies.
resource: https://esgnews.com/jpmorgan-chase-to-spend-200-million-on-carbon-dioxide-removals/