JPMorgan pledges $200 million to suck carbon from the sky
Swiss startup Climeworks will handle removal servicesJPMorgan 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 of its kind, JPMorgan announced on Tuesday.
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.
These aren’t the first investments JPMorgan has made in carbon removal. The financial services firm also recently joined, 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 Tuesday announcement, the bank said it was committing $75 million to Frontier, which includes $50 million for its own operationaland $25 million to help clients meet their own climate targets.
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