Banking giant JPMorgan Chase has become the latest major brand to announce a series of carbon removal investments, confirming yesterday it has signed long-term agreements to purchase more than $200m of carbon dioxide removal (CDR) credits.
The US bank revealed the new deals include a nine-year agreement with Climeworks to deliver carbon removal services for 25,000 million tonnes of CO2 equivalent (mtCO2e) and a long-term agreement with CO280 Solutions to purchase up to 30,000 mtCO₂e of CDR credits a year for up to 15 years, totalling 450,000 mtCO₂e of carbon removals.
JPMorgan also confirmed it has made a $75m funding pledge to the Frontier initiative – the coalition of leading tech and finance firms working to accelerate the development of the fledgling carbon removals market by guaranteeing future demand. It said it has committed to purchase $50m of durable, high-quality CDR credits to offset its own operational emissions and
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