JPMorgan buys 60,000 metric tons of biomass-based carbon removals

The purchase is part of a 10-year deal with carbon removal company Graphyte, which uses a process it calls “carbon casting” to turn biomass waste into carbon rich cubes to sequester underground.

Lamar Johnson, ESG Dive

Dive Brief:

• JPMorgan Chase has agreed to purchase 60,000 metric tons of carbon credits from carbon removal company Graphyte, in a 10-year deal announced Thursday. The company’s process relies on compressing and sequestering biomass waste from timber and farming operations.

• Over the course of the contract, JPMorgan will receive the credits from Graphyte’s operational Arkansas project, Project Loblolly, as well as a second project being developed in Arizona, according to the release.

• The deal adds to JPMorgan’s carbon credit portfolio, which includes investments in technologies and pathways like afforestation, biochar and bio-oil sequestration, according to its latest sustainability report. In addition to emissions reduction efforts, the bank uses voluntary carbon credits to offset its remaining operational emissions.

  
  

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