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In an effort to neutralize its environmental footprint, JPMorgan Chase (NYSE:JPM) has agreed to spend over $200M on carbon credits from multiple firms in the clean-energy industry, the Wall Street Journal reported Tuesday, citing company officials.
Carbon credits are permits that enable the owner to produce a certain amount of carbon dioxide or other greenhouse gases. The investment comes as JPMorgan (JPM) seeks to score new business in the nascent space that’s gained increased attention given the slow transition away from fossil fuels.
The lender is buying credits in connection with the removal of 800K metric tons of carbon dioxide from several startups, the newspaper said. That includes paying over $20M to Swiss-based Climeworks to remove carbon from the atmosphere through a process called direct air capture, which aims to pull carbon from the air and store it permanently.
This is not JPM’s first foray into the burgeoning industry. In February, the timber-investing unit of J.P. Morgan Asset Management was said to have spent more than $500M on about 250K acres in the Southern pine belt to produce wood as well as remove carbon dioxide emissions before entering the atmosphere.
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