JPMorgan Chase invests $200 million in carbon removal

The agreements will lead to the removal and storage of 800.000 metric tons of carbon dioxide, allowing the bank to equal its direct emissions by 2030, JPMorgan said in a press release.

The plan's actions include a series of agreements with carbon removal companies, as well as financial commitments with carbon market intermediaries to bolster key technology investments.

“Financing promising technologies needed to help accelerate the low-carbon transition requires capital and expertise,” said JPMorgan Chase President Daniel Pinto.

“We are working to drive the scaled development of carbon removal and storage as commercial solutions and aim to send a strong signal to the market.”

The initiative represents one of the largest commitments by a major company to carbon removal to date. The biggest programs were the Microsoft to remove 2,8 million tons of carbon, followed by Airbus with 400.000 tons, according to cdr.fyi, a website that tracks the carbon removal market.

Under one of the projects announced Tuesday, JPMorgan signed a nine-year contract with Climeworks to provide 25.000 metric tons of carbon removal.

The agreement is a milestone in promoting “the expansion of high-quality carbon removal solutions,” said Christoph Gebald, CEO of Climeworks.

The announcement comes as JPMorgan and other corporate giants also face calls for more aggressive efforts to address climate change, such as an immediate reduction in fossil fuels.

At JPMorgan's annual meeting last week, the Sierra Club Foundation offered a resolution calling on the bank to establish a "phase out" of loans for oil and gas projects and noting that JPMorgan has provided more than $382 billion ($1,8 .2016 trillion) in loans and subscriptions between 2021 and XNUMX.

But JPMorgan said that while it supports clean energy solutions, “an abrupt withdrawal of financing for new oil and natural gas projects would not be prudent,” and urged shareholders to reject the move, citing the need to balance energy security, priorities economic and environmental.

The measure received just eight percent of shareholder votes.

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What is carbon sequestration?

Carbon sequestration refers to the process of capturing and storing carbon dioxide (CO2) from the atmosphere in order to reduce the amount of CO2 in the atmosphere and mitigate the effects of global warming. This is done through a variety of techniques, including storage in geological reservoirs, use in industrial processes and agriculture, and capture and storage in forests and oceans.

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