JPMorgan Chase demonstrates leader ship in addressing climate change with $200M investment in carbon removal initiatives.
News Update

JPMorgan Chase Supports Carbon Removal With $200M Investment

JPMorgan Chase & Co., a leading global financial institution, has committed $200 million to initiatives aimed at removing carbon from the atmosphere. In a significant move, the company has made a $20 million purchase from Swiss startup Climeworks for removal services, marking one of the largest corporate deals in the field of carbon removal services. JPMorgan made this announcement on Tuesday, demonstrating its commitment to addressing climate change.

Established in 2009, Climeworks is among the pioneers in the field of direct air capture, a technology designed to extract carbon dioxide from the atmosphere and store it permanently. While JPMorgan’s investment of $200 million may seem relatively modest, it will play a crucial role in supporting Climeworks in scaling up its operations. In addition to partnering with Climeworks, JPMorgan has also made purchases of 28,500 tons of removal services over a five-year period from Charm Industrial, a California-based startup that employs bio-oil to store carbon. 

Scientists estimate that by the middle of this century, the world may need to remove billions of tons of CO2 from the atmosphere annually in order to limit the impacts of global warming. Furthermore, the financial institution has signed a memorandum of understanding with CO280 Solutions to extract up to 450,000 tons of CO2 from the atmosphere over a span of 15 years. The bank did not disclose the precise value of these agreements.