The Swisss carbon removal startup Climeworks struck an agreement with the US investment bank Morgan Stanley.
The contract is for the removal of 40,000 tons of carbon dioxide from the air until 2037, giving Climeworks support to accelerate its expansion plans in the U.S. for building a direct air-capture hub in Louisiana, called Project Cypress, which has already received a grant $50 million from the U.S. Department of Energy.
The investment bank can claim credit for the carbon reductions as an offset to its corporate emissions. A ton of carbon removal equals a few trans-Atlantic flights…
Climework’s first direct-air capture project is located in Iceland and filters carbon directly from the atmosphere, unlike conventional carbon capture and storage projects, which are integrated with smokestacks to catch pollutants.
This is their second deal to date after they announced an 80,000-ton agreement with Boston Consulting Group.
See overview of Carbon Capture article in ForumNordic here.
