Insider Brief:
- JPMorgan Chase signs deal with Canadian carbon capture firm CO280 to capture 450,000 tonnes of carbon dioxide.
- The carbon will be captured from a pulp and paper mill in the Gulf Coast Region.
- The deal will last 13 years and will capture carbon at under US$200 per tonne.
Investment bank JPMorgan Chase has signed a deal with Canadian carbon capture firm CO280 to capture 450,000 tonnes of carbon dioxide, Vancouver-based CO280 said May 20.
The deal will last 13 years and will capture carbon at under US$200 per tonne, from a pulp and paper mill in the Gulf Coast region.
CO280 scales up Carbon Dioxide Removal (CDR) by retrofitting pulp and paper mills to capture biogenic CO2 from boiler stack emissions.
The captured CO2 is then stored underground, and the CDR is sold to buyers such as JPMorgan Chase to support mitigation of unabated operational missions, the company said. CO280 is partnering with pulp and paper companies to develop a network of more than 10 CDR projects, totaling 10 million tonnes per year of CDR.
U.S. pulp and paper mills contribute approximately 5% of U.S. manufacturing GDP, while also generating “significant volumes of biogenic CO2,” CO280 said.
The carbon capture technology is supplied by SLB Capturi.
“By retrofitting mills to deliver permanent, high-quality CDR at the lowest cost, we’re transforming the economics of the pulp and paper industry, increasing mill revenue, and EBITDA,” Jonathan Rhone, co-founder and CEO of CO280, said in a statement.
CDR credits will be verified through third party-assessments.
In April, CO280 struck a deal with Microsoft to finance 12 years of carbon removal from a paper mill in a Gulf Coast state.
