1PointFive, a carbon capture, utilization, and sequestration (CCUS) company, has announced that JPMorganChase purchased 50,000 metric tons of carbon dioxide removal (CDR) credits over 10 years enabled by Direct Air Capture (DAC). The agreement demonstrates the increasing adoption of durable carbon removal technologies that help organizations achieve their sustainability goals and support the development of vital energy infrastructure in the United States.
The CDR credits for JPMorganChase will be produced from STRATOS, 1PointFive’s first DAC facility in Texas that is starting up this year. As a subsidiary of Occidental, 1PointFive is leveraging more than 50 years of carbon management expertise and major projects experience to deliver commercial-scale DAC.
The agreement is part of the bank’s strategy to address operational emissions, which also helps establish a market for high-quality and durable carbon removal credits. The captured carbon dioxide underlying the credits will be stored through saline sequestration.
'We’re excited to work with JPMorganChase and believe this agreement further demonstrates how leading organizations are integrating Direct Air Capture credits into their portfolios', said Michael Avery, President and General Manager of 1PointFive. 'Momentum from CDR buyers helps us move the technology forward and build infrastructure that creates economic opportunities in the United States.'
'With STRATOS set to be commercially operational this year, JPMorganChase is proud to support large scale deployment of DAC technology. This offtake agreement builds on our diverse, high-quality portfolio of carbon removal projects to address our unabated operational emissions and aligns with our ongoing efforts to help scale the growth and development of carbon removal technologies,' said Taylor Wright, Head of Operational Decarbonization, JPMorganChase.
Source: JPMorganChase
