Key take-aways:
- Climeworks and JPMorgan Chase announce one of the largest purchases to date in the direct air capture industry (DAC) between a single corporate buyer and a single CDR company – valued above USD 20M.
- The magnitude of the agreement demonstrates clear support for Climeworks’ high-quality, high-integrity approach to CDR with operational, measurable, additional, and permanent carbon removal services via DAC+S.
- It also heralds the new standard for voluntary carbon market offtake agreements for DAC: companies’ immediate actions play a crucial role in achieving net zero targets and represent an essential component of the financing mechanisms needed for new, larger projects.
- In this maturing market, a few corporate off-takers secure a portion of CDR services from future plants to support deployment, de-risk project development, and act as catalysts for other corporate buyers.
- Brian DiMarino of JPMorgan Chase will join Climeworks’ Direct Air Capture Summit on June 6 in Zurich to share more about the firm’s approach to this agreement with Climeworks and their action plan on high-quality technological removals.
“The commitment from JP Morgan is a landmark. Carbon dioxide removal is a complementary but essential tool to address unavoidable emissions and help the world move from net zero commitments to net zero progress. High-quality solutions like Climeworks’ measurable, additional, and permanent CDR via direct air capture and storage (DAC+S) need to be deployed fast. As we expand to achieve climate impact at scale, we look forward to supporting one of the world’s leading financial institutions on its journey to net zero.”
Jan Huckfeldt, Chief Commercial Officer at Climeworks.
“JP Morgan’s long-term agreement with Climeworks sets a compelling example for the immediate action and the portfolio approach that are needed to deploy CO2 removal solutions. The finance industry has no doubt become a trailblazer in supporting the scale-up of high-quality carbon removal solutions; today marks a new milestone in this field,”
Christoph Gebald, co-CEO and co-founder of Climeworks.
“Innovative technologies play an increasingly important role in the transition to a low-carbon economy. At JPMorgan Chase, we prioritize reducing our own environmental footprint. To complement our operational emissions reduction efforts, we’re collaborating with companies like Climeworks to address our unabated emissions today and, crucially, to support the development of scalable solutions that the world needs to achieve net-zero emissions by 2050,”
Brian DiMarino, Managing Director, Head of Operational Sustainability at JP Morgan Chase & Co.