Thursday, June 8, 2023
  • Login
CEO North America
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
CEO North America
No Result
View All Result

JPMorgan makes $200m carbon-removal commitment

in Environment
Jpmorgan reports $524 million hit tied to russia
Share on LinkedinShare on WhatsApp

JPMorgan Chase & Co. has made a $200 million commitment to pull carbon from the air, and which includes a $20 million purchase from Swiss startup Climeworks for removal services, one of the largest corporate deals for removal services.

Founded in 2009, Climeworks is one of the earliest companies to pursue direct air capture, a technology that aims to remove carbon dioxide from the atmosphere and store it permanently. The company opened its first plant in Iceland in 2021, completed its first removal this year and is currently building its second plant in Iceland.

Though it’s a relatively small investment from JPMorgan, the injection of cash will help Climeworks scale up its services. Early corporate buyers help Climeworks reduce the financial risk of project development as well as secure additional buyers, the company said in a statement.

A spokesperson for the startup did not provide details on when it would begin removals for the bank.

In addition to Climeworks, JPMorgan has also purchased 28,500 tons of removal services over five years from Charm Industrial, a California-based startup that uses bio-oil to store carbon, and signed a memorandum of understanding with CO280 Solutions to pull up to 450,000 tons of CO2 from the atmosphere over 15 years.

The bank wouldn’t disclose the value of those deals. Scientists estimate that the world may need to remove billions of tons of CO2 from the atmosphere annually by mid-century to limit global warming.

Direct air capture startups still have a number of hurdles to overcome before they play a meaningful role in pulling planet-warming pollution out of the atmosphere. Chief among them is the high price that buyers currently must pay for their services.

The Climeworks purchase averages about $800 per ton of removal, while most experts see $100 per ton as a target for DAC — or any other form of carbon removal — to be economically viable. DAC is also energy-intensive and could compete with other industries for clean electricity.

These aren’t the first investments JPMorgan has made in carbon removal. The financial services firm also recently joined Frontier, a public benefit corporation led by payment company Stripe that is pooling funding from large corporate buyers to jumpstart the carbon removal industry.

In its announcement this week, the bank said it was committing $75 million to Frontier, which includes $50 million for its own operational emissions and $25 million to help clients meet their own climate targets. All told, JPMorgan said its investments will cover 800,000 tons of carbon removal services and allow the bank to match every ton of its unabated direct operational emissions by 2030.

“To complement our operational emissions reduction efforts, we’re collaborating with companies like Climeworks to address our unabated emissions today and, crucially, to support the development of scalable solutions that the world needs to achieve net-zero emissions by 2050,” Brian DiMarino, JPMorgan’s head of operational sustainability, said in a statement.

The bank is part of an alliance of banks pledging to reach net zero by 2050 and has recently made substantial investments in renewables, according to a BloombergNEF analysis. Still, the amount that the bank will spend on the carbon removal deal is dwarfed by the amount it has used to finance fossil fuel projects.

Between 2016 and 2022, JPMorgan spent more than $430 billion lending to and underwriting the fossil fuel sector, according to an annual report tracking banks put together by a group of NGOs led by the Rainforest Action Network. The report found that that made the bank the largest fossil fuel financier in the world over that time period, though JPMorgan’s lending to fossil fuel companies fell 42% last year.

By Michelle Ma / Bloomberg

Tags: Carbon emissionsEnvironmentJPMorgan ChaseUnited States

Related Posts

How wildfire smoke affects human health
Environment

How wildfire smoke affects human health

3m to cut 2,500 jobs
Environment

3M settles $10 billion water pollution claims with US cities

Airline stocks falling fast on russian invasion of ukraine
Environment

Global airlines create task force to deal with non-CO2 emissions

Biden to invoke defense production act for clean energy
Environment

New York State generates record levels of solar power

- exxon says net zero global emissions by 2050 ‘highly unlikely’
Business

Exxon says net zero global emissions by 2050 ‘highly unlikely’

How transforming your marketing operating model is like driving in new york city
Environment

NYC skyscrapers turn to carbon capture to curb climate change

Shell ceo ben van beurden to step down
Environment

Shell faces lawsuit over air quality at Pennsylvania petrochemical plant

Minnesota poised for near-total ban of ‘forever chemicals’
Environment

Minnesota poised for near-total ban of ‘forever chemicals’

Biden raises debt ceiling
Environment

Biden proposes 30% tax on cryptocurrency mining

- biden administration to defend climate-friendly farming funds
Environment

Biden administration to defend climate-friendly farming funds

No Result
View All Result

Recent Posts

  • Citigroup cuts analyst jobs, dismantles FX strategy team
  • Goldman Sachs foresees sluggish growth, higher inflation
  • Videogame retailer GameStop fires CEO
  • Apple should buy Disney to harness potential of Vision Pro
  • How wildfire smoke affects human health

Recent Comments

    Archives

    Categories

    • Art & Culture
    • Business
    • CEO Interviews
    • CEO Life
    • Editor´s Choice
    • Entrepreneur
    • Environment
    • Food
    • Health
    • Highlights
    • Industry
    • Innovation
    • Issues
    • Management & Leadership
    • Multimedia
    • News
    • Opinion
    • PrimeZone
    • Printed Version
    • Travel
    • Uncategorized

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

    Editorials – stuart.james@ceo-na.com

    Advertising – media@ceo-na.com

    NEW YORK

    110 Wall St.,
    3rd Floor
    New York, NY.
    10005
    USA
    +1 212 432 5800

     

    MEXICO CITY

    Paseo de la Reforma 296,
    Floor 38
    Mexico City
    06600
    MEXICO

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

    Editorials –
    stuart.james@ceo-na.com

    Editor-In-Chief –

    caroline.sposto@ceo-na.com

    Editorials – editorials@ceo-na.com

    Advertising –
    media@ceo-na.com

    NEW YORK

    110 Wall St.,
    3rd Floor
    New York, NY.
    10005
    USA
    +1 212 432 5800

    MEXICO CITY

    Paseo de la Reforma 296,
    Floor 38
    Mexico City
    06600
    MEXICO

    CEO North America © 2022 - Sitemap

    No Result
    View All Result
    • Home
    • Business
      • Entrepreneur
      • Industry
      • Innovation
      • Management & Leadership
    • CEO Interviews
    • CEO Life
      • Art & Culture
      • Food
      • Health
      • Travel
      • Environment
    • Opinion
    • News
    • Multimedia

    © 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In