JPMorgan Chase announced Tuesday it has signed long-term agreements to purchase $200 million worth of carbon dioxide removal, saying the investment would boost a key emerging climate change solution.
The agreements will lead to removal and storage of 800,000 metric tons of carbon dioxide, enabling the bank to match its direct emissions by 2030, JPMorgan said in a news release.
Actions under the plan include a series of agreements with carbon removal companies, as well as financial commitments to 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’re working to drive scalable development of carbon removal and storage as commercial solutions and aim to send a strong market signal.”
The initiative represents one of the larger commitments thus far by a large company on carbon removal. The biggest programs have been Microsoft‘s project 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.