JPMorgan invests $200 million in carbon removal to achieve net zero emissions.
JPMorgan Chase has agreed to spend over $200 million on carbon removal technologies, with the first $75 million announced in April. The investment will be allocated to long-term agreements to remove and store the equivalent of 800,000 metric tons of carbon dioxide from the atmosphere. The move is both a support for the nascent carbon removal industry and will enable the bank to remove the equivalent of the carbon emissions that are otherwise hard to abate from its direct operations by 2030. JPMorgan has signed a $20 million, 9-year agreement with Climeworks and a deal with Charm Industrial to remove and store the equivalent of approximately 28,500 metric tons of carbon dioxide over 5 years.
