JPMorgan Chase & Co. has made a $200 million commitment to pull carbon from the air. That includes a $20 million purchase from Swiss startup Climeworks for removal services, one of the largest corporate deals for removal services, JPMorgan announced on Tuesday.
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.
Read More : JPMorgan Allocates $20 Million for Carbon Removal Initiatives