JPMorganChase Partners with Charm Industrial for Carbon Removal Initiative
JPMorganChase has entered into a new agreement with Charm Industrial to purchase 61,500 tons of carbon dioxide removal credits and provide a $20 million venture debt facility for operational expansion. This partnership, which raises JPMorganChase's total commitment to 90,000 tons of carbon removal credits, underlines the bank's increasing investment in carbon removal technologies.
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JPMorganChase has finalized a carbon removal agreement with Charm Industrial, committing to acquire 61,500 tons of carbon dioxide removal (CDR) credits. Concurrently, the bank will provide a $20 million venture debt facility to support Charm's operations, particularly in Colorado.
This marks the second CDR offtake deal between the two entities, increasing their total commitment to 90,000 tons, positioning it as one of the largest bio-oil CDR agreements in the sector. Charm, operational since 2021, focuses on bio-oil production and sequestration, utilizing agricultural residue to capture CO2.
The new funding aims to enhance Charm's capacity to process forest residues from wildfire mitigation. The transaction reflects JPMorganChase's broader strategy in carbon removal, following several recent agreements with other providers.
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