Climeworks signs contract with Morgan Stanley to remove CO2
Climeworks signs major contract with Morgan Stanley
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Listening: Climeworks signs contract with Morgan Stanley to remove CO2
The carbon removal company has signed a contract with banking giant Morgan Stanley. For the Zurich-based start-up, this is the second largest contract in its history.
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Climeworks signe un important contrat avec Morgan Stanley
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Climeworks, a spin-off from the Swiss Federal Institute of Technology in Zurich (ETHZ), will remove 40,000 tonnes of CO2 from the atmosphere on behalf of the American company, it said in a press release on Thursday. The milestone is important because it will accelerate the activities launched in the US, which are supported by the US Department of Energy.
Morgan Stanley aims to achieve net-zero financed emissions by 2050 and mobilize USD1 trillion in sustainable finance by 2030.. The partnership between the two companies runs until 2037.
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Can CO2 capture and removal help solve the climate crisis?
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Switzerland plays a pioneering role in the removal of CO2 from the atmosphere, a tempting option that’s not without its detractors.
Climeworks has developed a technology capable of removing carbon dioxide from the air and storing it permanently in rock. The company has since rapidly expanded its operations in Iceland, as well as with several planned sites in the United States, including a plant in Louisiana scheduled to start construction in 2026.
Adapted from French by DeepL/ac
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