1PointFive and JPMorgan Chase Forge 10-Year Carbon Removal Agreement
1PointFive, a leading company in carbon capture, utilization, and sequestration (CCUS), announced today that JPMorgan Chase has purchased 50,000 metric tons of carbon dioxide removal (CDR) credits over a 10-year period.
This significant agreement highlights the growing adoption of Direct Air Capture (DAC) technology and demonstrates a commitment by both companies to meet their sustainability targets.
The credits will be generated at 1PointFive’s STRATOS facility, the company’s first DAC project, located in Texas. Set to begin operations this year, STRATOS will serve as a key contributor to 1PointFive’s efforts to scale up commercial DAC technology.
As a subsidiary of Occidental, 1PointFive benefits from over 50 years of expertise in carbon management and large-scale energy projects.
Supporting Sustainability Goals and Energy Infrastructure
The carbon removal credits purchased by JPMorgan Chase are part of the bank’s strategy to address its operational emissions. The agreement is also a part of JPMorgan Chase’s broader commitment to sustainability, supporting the development of vital carbon removal infrastructure in the United States.
These credits will be generated through STRATOS’ DAC technology, and the captured CO2 will be stored through saline sequestration, making it a durable and long-term solution to combat climate change.
Michael Avery, President and General Manager of 1PointFive, said, “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.”
He added, “Momentum from CDR buyers helps us move the technology forward and build infrastructure that creates economic opportunities in the United States.”
Also read: 1PointFive Signs 25-Year CO2 Offtake Agreement for Louisiana Low-Carbon Ammonia Project
Expanding the Market for Carbon Removal Technologies
This partnership signals the growing role of Direct Air Capture in the global effort to reduce atmospheric CO2 levels and underscores the increasing importance of durable carbon removal technologies in achieving corporate sustainability goals.
