Commercial, GHG Emissions - October 25, 2024
Morgan Stanley Partners for DAC Project
Morgan Stanley signed an agreement to permanently remove 40,000 tons of CO2 from the atmosphere.
The investment bank partnered with Climeworks, a carbon removal company, for its first purchase of direct air capture (DAC) credits.
The partnership will last until 2037 and is Climeworks’ second-largest contract to date, expected to accelerate its technology scale-up in the U.S.
Morgan Stanley has set a goal to achieve net-zero financed emissions by 2050 and mobilize $1 trillion in sustainable finance by 2030.
“As a financial institution, Morgan Stanley plays an important role in helping to direct capital toward low-carbon solutions,” says Jessica Alsford, Morgan Stanley’s Chief Sustainability Officer, in a statement. “Through our partnership with Climeworks, we are supporting the development of technology that can help drive the global economy’s transition to a more sustainable future.”
Climeworks already operates two direct air capture plants in Iceland and delivers third-party certified carbon removal services to its customers. As the anchor technology provider for Direct Air Capture Hub Project Cypress in Louisiana, the company is on a trajectory to establish one of the nation’s first megaton hubs, incentivized by the U.S. government’s Bipartisan Infrastructure Law and supported by the U.S. Department of Energy.
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