Climeworks announces the largest to date for the company deal of direct air capture services. It released on May 23rd a carbon dioxide removal (CDR) agreement with JPMorgan Chase valued above $20 million. The deal marks one of the largest purchases to date in the direct air capture industry (DAC) between a single corporate buyer and a single CDR company.
According to the announcement, the magnitude of the agreement demonstrates the support for its engineered approach to carbon removal that includes operational, measurable, additional, and permanent carbon removal services via direct air capture plus underground sequestration.
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Even though the market is still nascent, a number of corporate off-takers have already been fostering innovation, action and rapid project development in the DAC space. According to Climeworks, agreements of this magnitude and beyond are what is immediately needed and expected from corporate buyers going from net zero plans to net zero progress.
The company is hosting its annual Direct Air Capture Summit on June 6 in Zurich gathering business, technology, scientists, and policy experts. Key players in the climate tech sector need to collaborate and work towards progressing high-quality carbon removal solutions.
Climeworks also announced it will welcome Brian DiMarino, Managing Director, Head of Operational Sustainability at JPMorgan Chase & Co., as a keynote speaker at the upcoming summit on June 6th.
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He is expected to provide valuable insights into how JPMorgan sees its role in signaling to stakeholders that procuring high-quality CDR solutions, such as Climeworks’, is an essential, and immediate next step to take to realize carbon removal capacity at scale.
“The commitment from JPMorgan is a landmark… 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,” commented Jan Huckfeldt, Chief Commerical Officer at Climeworks.