Banco JP allocates US$200 million to capture and store carbon dioxide

The US bank JPMorgan Chase announced Tuesday that it will pay 200 million dollars to capture and store 800,000 tons of carbon dioxide (CO2) in order to offset its polluting emissions.

The bank has entered into long-term partnerships with Climeworks, Charm Industrial, CO280 Solutions and Frontier for that purpose, it said in a statement.

In addition to offsetting their emissions until 2030, the goal is to help these companies develop their technologies on a large scale.

JPMorgan’s initiative is one of the most important to date. According to the site cdr.fy, which tracks publicly announced carbon capture and storage programs, Microsoft committed to buying 2.8 million tons of carbon, followed by Airbus with 400,000 tons.

JPMorgan, the largest US bank by asset size, finances both oil and gas giants and climate change technologies.

He is criticized by environmentalists for his continued financial ties to companies launching fossil fuel projects, but also by those who reject his support for projects in defense of sustainable development.

The bank’s board of directors recently recommended that its shareholders vote against proposals to inform about its climate transition policy and to end the financing of fossil energy projects.

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