JP Morgan Chase Supports Bold "Carbon Capture" Move to Sequester 9.25e -7% Of Annual CO2 Emissions W. Canadian Company

[hatrack]

JPMorgan Chase, one of the largest banks in the world, has entered a landmark agreement with Vancouver-based carbon removal company CO280. The deal is worth $90 million and involves the purchase of 450,000 metric tons of carbon dioxide removal (CDR) over the next 13 years. This move shows more confidence in carbon removal tech. It also reflects a strong effort by companies to combat climate change in clear, measurable ways.

The deal makes JPMorgan the first major bank to commit to engineered carbon dioxide removal at this scale. Each ton of carbon will cost less than $200, a notable price improvement in a field that has often struggled with high costs. This long-term agreement boosts CO280’s growth. It also speeds up new carbon capture projects in North America.

CO280 is taking a different approach to carbon capture. The company is retrofitting old pulp and paper mills. They will use carbon capture technology instead of building new factories. These mills produce biogenic CO₂, a carbon dioxide from natural sources, like wood and plants. CO280 aims to capture emissions before they reach the atmosphere. Then, it stores them permanently underground in deep geological formations.

EDIT

JPMorgan has been working on ways to reduce its carbon footprint and support a low-carbon economy. The company has committed to financing $2.5 trillion in sustainable investments by 2030. Out of that, $1 trillion is for green projects. This includes renewable energy, energy efficiency, and carbon capture. This $90 million deal with CO280 fits directly into that framework.

Ed. - blahblahblahblahblahblahblahblah

EDIT

https://carboncredits.com/jpmorgan-chase-invests-90m-in-carbon-removal-with-co280/

[CaliforniaPeggy]

1. Their proposal sounds and looks good. Let's hope (and verify!) that it is. n/t

[hatrack]

3. Projected sequestration - 34,615 tons/year; global CO2 emissions 2023 - 37,000,000,000 tons

If this works - and that's a big "if" - the total mass of CO2 sequestered would be more than six full orders of magnitude below annual anthropogenic CO2 output from two years ago - less than one-millionth - of 2023's totals.

That global carbon dioxide output is projected to have hit 39.9 billion tons in 2024 and (again, if) growth rates hold at 8% per year, it would be around 43.2 billion tons in 2025.

If the project works, cool, but the projections don't even remotely approach a rounding error in terms of what we are going to be dealing with.

[mountain grammy]

2. K&R for the blahblahblahblahblahblahblahblah

[hatrack]

4. JP Morgan Chase slapping on a fresh shiny coat of greenwash . . .