ESG & Investing
Morgan Stanley Strikes Deal With Climeworks to Remove Carbon
- Climeworks also has signed deals with JPMorgan and UBS
- The company operates the largest direct air capture project
The collector containers unit at the Climeworks AG Mammoth carbon removal plant in Hellisheioi, Iceland.
Photographer: Heida Helgadottir/BloombergThis article is for subscribers only.
Morgan Stanley has entered into a deal with Climeworks AG to finance the removal of CO2 from the atmosphere, joining other Wall Street heavyweights including JPMorgan Chase & Co. in throwing its weight behind the nascent technology.
The agreement will enable Zurich-based Climeworks, which operates the world’s largest direct air capture project, to suck 40,000 tons of carbon dioxide from the air. The contract runs until 2037 and is intended to help finance the Swiss company’s expansion in the US, according to a statement on Thursday.